Browsing by Author "Garcia, Basile"
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- Coordination over a unique medium of exchange under information scarcity
A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä(2019-12-01) Nioche, Aurélien; Garcia, Basile; Lefebvre, Germain; Boraud, Thomas; Rougier, Nicolas P.; Bourgeois-Gironde, SachaSeveral micro-founded macroeconomic models with rational expectations address the issue of money emergence, by characterizing it as a coordination game. These models have in common the use of agents who dispose of perfect or near-perfect information on the global state of the economy and who display full-fledged computational abilities. Several experimental studies have shown that a simple trial-and-error learning process could constitute an explanation for how agents coordinate on a single mean of exchange. However, these studies provide subjects with full information regarding the state of the economy while restricting the number of goods in circulation to three. In this study, by the mean of multi-agent simulations and human experiments, we test the hypothesis according to which coordination over a unique medium of exchange is possible in the context of information scarcity. In our experimental design, subjects and artificial agents are only aware of the outcome of their own decisions. We provide results for economies with 3 and 4 goods to evaluate to which extent it is possible to generalize results obtained with 3 goods to n goods. Our findings show that in an economy à la Iwai, commodity money can emerge under drastic information restrictions with three goods in circulation, but generalization to four or more goods is not guaranteed. - Interaction effects between consumer information and firms' decision rules in a duopoly: how cognitive features can impact market dynamics
A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä(2019-03-26) Nioche, Aurélien; Garcia, Basile; Boraud, Thomas; Rougier, Nicolas; Bourgeois-Gironde, SachaDuopolies are situations where two independent sellers compete for capturing market share. Such duopolies exist in the world economy (e.g., Boeing/Airbus, Samsung/Apple, Visa/MasterCard) and have been studied extensively in the literature using theoretical models. Among these models, the spatial model of Hotelling (1929) is certainly the most prolific and has generated subsequent literature, each work introducing some variation leading to different conclusions. However, most models assume consumers have unlimited access to information (perfect information hypothesis) and to be rational. Here, we consider a situation where consumers have limited access to information and explore how this factor influences the behavior of competing firms. We first characterized three decision-making processes followed by individual firms (maximizing one's profit, maximizing one's relative profit with respect to the competitor; or tacit collusion) using a simulated model, varying the level of information of consumers. These manipulations alternatively lead the firms to minimally or maximally differentiate their relative position. We then tested the model with human participants in the role of firms and characterized their behavior according to the model. Our results demonstrate that limited access to information by consumers can actually induce a mutually beneficial non-competitive behavior of firms, which is not traceable to explicit collusive strategies. Imperfect information on the part of consumers can hence be exploited by firms through basic and blind decision rules.