(" The Bubble Game: A Classroom Experiment," Sophie Moinas and Sébastien Pouget, Southern Economic Journal, 2016, vol. Robots' behavior is based on decisions observed in the original scientific experiment. Traders who are less likely to be last and have less steps of reasoning to perform to reach equilibrium are in general more likely to speculate." Bubbles usually occur with or without a cap on prices. Otherwise, the Nash equilibrium involves no trade. If there is no cap on asset prices, speculative bubbles can arise at the Nash equilibrium because no trader is ever sure to be last in the market sequence. "Students sequentially trade an asset which is publicly known to have a fundamental value of zero. You are the manager of a firm, competing with three others to sell a product to the customers of a square country.
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He must decide where to locate and how to price his products. He is competing with another store in a long, narrow city, with only one street. Horizontal Differentiation Simulation 2 (Linear city, including price setting) Customers are uniformly distributed along the street and price is regulated. He is competing with another store in a long, narrow city, with only one street, and must decide where to locate. Horizontal Differentiation Simulation 1 (Linear city with fixed prices) In round 3, the fixed production cost increases and the player must decide how to react to that. The player knows that its competitors’ prices are stable and equal to $180k per unit and must decide what price to set and how much to produce. Consumers are also informed about each firm’s price and there are no transportation costs: Consequently, they buy to the firms with the lowest price. From consumers’ perspective, products of all firms are identical. The player manages a small firm that competes with many other on a market. Marginal and fixed costs change from one round to the other. The player is a monopoly on a market, and must decide how many goods to produce and what price to set.
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