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Rage Against the Machines: How Subjects Learn to Play Against Computers
Duersch, Peter; Kolb, Albert; Oechssler, Joerg; … - EconWPA - 2005
play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those …
Persistent link: https://www.econbiz.de/10005407609
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An Equilibrium Theory of Rationing
Gilbert, Richard J.; Klemperer, Paul - EconWPA - 1999
Setting a price that results in rationing may be optimal for a seller whose customers must make a specific investment to be able to use its product. Rationing results in ex-post inefficiency, but the resulting distribution of ex-post surplus can compensate consumers for their...
Persistent link: https://www.econbiz.de/10005135051
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Equilibrium PLay and Best Response to (Stated) Beliefs in Constant Sum Games
Biel, Pedro Rey - EconWPA - 2005
In a laboratory experiment, subjects played ten two-person 3x3 constant sum games and stated beliefs about the frequencies of play by their opponents. Contrary to previous experimental evidence, game-theoretical predictions work well: 80% of actions coincided with Nash equilibrium, subjects were...
Persistent link: https://www.econbiz.de/10005125558
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When Curiosity Kills the Profits: an Experimental Examination
Jamison, Julian; Karlan, Dean S. - EconWPA - 2005
Economic theory predicts that in a first-price auction with equal and observable valuations, bidders earn zero profits. Theory also predicts that if valuations are not common knowledge, then since it is weakly dominated to bid your valuation, bidders will bid less and earn positive profits....
Persistent link: https://www.econbiz.de/10005125581
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HEURISTICS USED BY HUMANS WITH PREFRONTAL CORTEX DAMAGE: TOWARD AN EMPIRICAL MODEL OF PHINEAS GAGE
Houser, Daniel; McCabe, Kevin; Keane, Michael; Bechara, … - EconWPA - 2003
In many research contexts it is necessary to group experimental subjects into behavioral “types.” Usually, this is done by pre-specifying a set of candidate decision-making heuristics and then assigning each subject to the heuristic that best describes his/her behavior. Such approaches might...
Persistent link: https://www.econbiz.de/10005062723
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Equilibrium Play and Best Response in Sequential Constant Sum Games
Biel, Pedro Rey - EconWPA - 2005
We perform a further experiment to check the robustness of the main result in Rey Biel (2005) to sequential play. We find that Equilibrium predictions work even better when the same games are played sequentially: 85% of first movers choose the Equilibrium strategy and 85% of second movers best...
Persistent link: https://www.econbiz.de/10005556675
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Imitation - Theory and Experimental Evidence
Apesteguia, Jose; Huck, Steffen; Oechssler, Jorg - EconWPA - 2003
. In a laboratory experiment we test the different theories by systematically varying information conditions. We find that …
Persistent link: https://www.econbiz.de/10005125578
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Network Externalities, Demand Inertia and Dynamic Pricing in an Experimental Oligopoly Market
Bayer, Ralph C; Chan, Mickey - EconWPA - 2004
This paper analyses dynamic pricing in markets with network externalities. Network externalities imply demand inertia …
Persistent link: https://www.econbiz.de/10005062732
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Learning in Cournot Oligopoly - An Experiment
Huck, Steffen; Normann, Hans-Theo; Oechssler, Joerg - EconWPA - 1997
This experiment was designed to test various learning theories in the context of a Cournot oligopoly. We derive … theoretical predictions for the learning theories and test these predictions by varying the information given to subjects. The …, markets are more competitive. Other subjects follow a best reply process. On the aggregate level we find that more information …
Persistent link: https://www.econbiz.de/10005118660
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Sustaining Cooperation in trust Games
McCabe, Kevin; Rigdon, Mary; Smith, Vernon - EconWPA - 2004
clustering to bargaining environments sustains cooperative play analogous to the situation in finitely repeated PD games. …
Persistent link: https://www.econbiz.de/10005125594