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Why votes have value: Instrumental voting with overconfidence and overestimation of others' errors

Dittmann, Ingolf; Kübler, Dorothea; Maug, Ernst; … - In: Games and Economic Behavior 84 (2014) C, pp. 17-38

interests or direct benefits from voting. The theoretical value of participating in the vote is therefore zero if subjects have … the vote and that they do so for instrumental reasons. The observed voting premium in the main treatment is high and can … model of instrumental voting, which assumes that individuals are overconfident and that they overestimate the errors of …

Persistent link: https://www.econbiz.de/10011049763

Out-of-equilibrium performance of three Lindahl mechanisms: Experimental evidence

Van Essen, Matthew; Lazzati, Natalia; Walker, Mark - In: Games and Economic Behavior 74 (2012) 1, pp. 366-381

We describe an experimental comparison of the out-of-equilibrium performance of three allocation mechanisms designed to achieve Lindahl outcomes as Nash equilibria: the mechanisms due to Walker (1981), Kim (1993), and Chen (2002). We find that Chenʼs mechanism, which is supermodular, converges...

Persistent link: https://www.econbiz.de/10011049821

Communication and efficiency in competitive coordination games

Cason, Timothy N.; Sheremeta, Roman M.; Zhang, Jingjing - In: Games and Economic Behavior 76 (2012) 1, pp. 26-43

Costless pre-play communication has been found to effectively facilitate coordination and enhance efficiency in games with Pareto-ranked equilibria. We report an experiment in which two groups compete in a weakest-link contest by expending costly efforts. Allowing intra-group communication leads...

Persistent link: https://www.econbiz.de/10010664597

First- and second-order subjective expectations in strategic decision-making: Experimental evidence

Manski, Charles F.; Neri, Claudia - In: Games and Economic Behavior 81 (2013) C, pp. 232-254

We study first- and second-order subjective expectations (beliefs) in strategic decision-making. We elicit probabilistically both first- and second-order beliefs and apply the method to a Hide-and-Seek experiment. We study the relationship between choice and beliefs in terms of whether observed...

Persistent link: https://www.econbiz.de/10010738051

Equilibrium selection in static and dynamic entry games

Duffy, John; Ochs, Jack - In: Games and Economic Behavior 76 (2012) 1, pp. 97-116

We experimentally assess the predictive power of two equilibrium selection principles for binary N-player entry games with strategic complementarities. In static entry games, we test the theory of global games which posits that players play games of complete information as if they were playing a...

Persistent link: https://www.econbiz.de/10010664595

The effect of link costs on simple buyer–seller networks

Doğan, Gönül; van Assen, Marcel; Potters, Jan - In: Games and Economic Behavior 77 (2013) 1, pp. 229-246

as well as the ensuing bargaining. Theory predicts that link costs lead to less competitive networks, with one link … rather than two links, and that link costs do not affect the bargaining outcomes conditional on the network. We find support …

Persistent link: https://www.econbiz.de/10011049882

Political competition between differentiated candidates

Krasa, Stefan; Polborn, Mattias K. - In: Games and Economic Behavior 76 (2012) 1, pp. 249-271

We introduce a framework of electoral competition in which voters have general preferences over candidatesʼ immutable characteristics (such as gender, race or previously committed policy positions) as well as their policy positions, which are flexible. Candidates are uncertain about the...

Persistent link: https://www.econbiz.de/10011049805

Democracy undone. Systematic minority advantage in competitive vote markets

Casella, Alessandra; Turban, Sébastien - In: Games and Economic Behavior 88 (2014) C, pp. 47-70

We study the competitive equilibrium of a market for votes where the choice is binary and it is known that a majority of the voters supports one of the two alternatives. Voters can trade votes for a numeraire before making a decision via majority rule. We identify a sufficient condition...

Persistent link: https://www.econbiz.de/10011117141

Overbidding and overspreading in rent-seeking experiments: Cost structure and prize allocation rules

Chowdhury, Subhasish M.; Sheremeta, Roman M.; Turocy, … - In: Games and Economic Behavior 87 (2014) C, pp. 224-238

We study experimentally the effects of cost structure and prize allocation rules on the performance of rent-seeking contests. Most previous studies use a lottery prize rule and linear cost, and find both overbidding relative to the Nash equilibrium prediction and significant variation of...

Persistent link: https://www.econbiz.de/10010931195

Efficient resource allocation under multi-unit demand

Kojima, Fuhito - In: Games and Economic Behavior 82 (2013) C, pp. 1-14

We study resource allocation with multi-unit demand, such as the allocation of courses to students. In contrast to the case of single-unit demand, no stable mechanism, not even the (student-proposing) deferred acceptance algorithm, achieves desirable properties: it is not strategy-proof and the...

Persistent link: https://www.econbiz.de/10010719484

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