Agents in Economic Markets and Games
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0
50
100
150
200
250
300
350
400
450
500
0
100
200
300
400
500
Quantity
Time
Quantities of the firms
Firm 1
Firm 2
Firm 3
Equilibrium
(a) Quantities produced.
-300000
-250000
-200000
-150000
-100000
-50000
0
50000
0
100 200 300 400 500
Profit
Time
Profits of the firms
Firm 1
Firm 2
Firm 3
Equilibrium
(b) Profits.
FIGURE 6.15: Quantity and profits of three firms.
-600
-500
-400
-300
-200
-100
0
100
200
300
400
500
0
100
200
300
400
500
Price
Time
Price in the system
Actual Price
Equilibrium Price
(a) Price.
0
50
100
150
200
250
300
350
400
450
500
0 50 100 150 200 250 300 350 400 450 500
Quantity at T+1
Quantity at T
Quantity at T versus T+1 for Firm 1
Actual
Equilibrium point
(b) Cycles in strategy space Firm1.
FIGURE 6.16: Price and strategy space in evolution.