Showing 1 - 10 of 10
This paper considers the "negotiation game" (Busch and Wen, 1995) which combines the features of two-person alternating offers bargaining and repeated games. Despite the forces of bargaining, the negotiation game in general admits a large number of equilibria some of which involve delay in...
Persistent link: https://www.econbiz.de/10005342231
Within the context of strategic interaction, we provide a unified framework for analyzing information, knowledge, and the "stable" pattern of behavior. We first study the related interactive epistemology and, in particular, show an equivalence theorem between a strictly dominated strategy and a...
Persistent link: https://www.econbiz.de/10005130251
This paper evaluates performance of human subjects and instances of a bidding model that interact in continuous-time double auction experiments. Asks submitted by instances of the seller model ("automated sellers") maximize the seller's expected surplus relative to a heuristic belief function,...
Persistent link: https://www.econbiz.de/10005063604
This paper presents a participation game experiment to study the impact of uncertainty and costly political participation on the incidence of reform. Fernandez and Rodrik (1991) show that uncertainty about who will ultimately gain or lose as a result of a reform can prevent its adoption. We...
Persistent link: https://www.econbiz.de/10005063656
In many markets consumer biases do not affect prices, since competition forces firms to price their products close to marginal cost; competition protects the consumer. We show that noisy consumer product evaluations undermine the force of competition, enabling firms to charge high mark-ups in...
Persistent link: https://www.econbiz.de/10005063732
The Harris-Todaro model is reinterpreted under an evolutionary game approach, including the behavior of migrants under bounded rationality in a process of imitation or learning. A first feature is an improvement upon Harris-Todaro by replacing the sign-preserving function of the adjustment...
Persistent link: https://www.econbiz.de/10005699584
We report experimental results using a multi-task for simple two-player, two- stage extensive-form games. It is suggested that by creating the perception of a "level playing field" the participants are relieved of responsibility for others since competition on a level playing field is presumed...
Persistent link: https://www.econbiz.de/10005699669
In this paper we consider a model where some consumers act in a boundedly rational way by treating money as non-fungible (Kahneman and Tversky (1979) and (1984), Thaler (1987) and (1990). The budget is broken up into different expenditure groups (cookie-jars). Given the amount of resources...
Persistent link: https://www.econbiz.de/10005702537
This paper considers the "negotiation game" (Busch and Wen, 1995) which combines the features of two-person alternating offers bargaining and repeated games. Despite the forces of bargaining, the negotiation game in general admits a large number of equilibria some of which involve delay in...
Persistent link: https://www.econbiz.de/10005702743