Browsing School of Economics and Finance by Subject "Best-response dynamics"
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The Principle of Minimum Differentiation Revisited: Return of the Median Voter
(Elsevier BV, 2017-12-28)We study a linear location model (Hotelling, 1929) in which n (with n ≥ 2) boundedly rational players follow (noisy) myopic best-reply behavior. We show through numerical and mathematical analysis that such players spend ...