Strategic Uncertainty in Markets for Nonrenewable Resources: A Level- Approach

Table 3

This table shows the number of participants who chose a particular extraction quantity in the first period of, respectively, the first and last (10th) repetition (or round) of the experiment. The corresponding levels follow from the analysis in Section 6.

Quantity	Type	Round
		1	10
<40	Level-0	9	3
40–43	Collusive	11	6
44–46	Level-2	7	9
47–49	Level-4	1	3
	Nash	11	12
51–55	Level-3	2	13
56–60	Level-1	7	8
61–65	Walras	1	8
>65	Level-0	15	2