Runco, Mariano Gabriel - In: International Journal of Applied Behavioral Economics … 5 (2016) 2, pp. 31-45
This paper tests empirically four models of bounded rationality using data from first responses in a Cournot duopoly experiment. Specifically, the models considered are Level-k, Quantal Response Equilibrium, Noisy Introspection and Logit Cognitive Hierarchy. It is found that the Level-k model...