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Market Organisation and Trading Relationships

Author

Listed:
  • Weisbuch, G.
  • Kirman, A.
  • Herreiner, D.
Abstract
This paper analyses the evolution of trading relationships in a market in which trades take place bilaterally. Buyers reinforce their probability of visiting sellers as a function of the profitability of their past experience. Using the "mean field" approach it is shown that two distant types of behaviour "loyalist" and "shopper" emerge and that the transition from one to the other is abrupt. These results are confirmed by simulations of more complicated versions of the model.

Suggested Citation

  • Weisbuch, G. & Kirman, A. & Herreiner, D., 1998. "Market Organisation and Trading Relationships," G.R.E.Q.A.M. 98a32, Universite Aix-Marseille III.
    • Handle: RePEc:fth:aixmeq:98a32
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    Keywords

    LEARNING ; MARKETS ; GOODS ; CONSUMPTION;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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