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Correlated equilibrium and higher order beliefs about play
Du, Songzi - In: Games and Economic Behavior 76 (2012) 1, pp. 74-87
We study a refinement of correlated equilibrium in which playersʼ actions are driven by their beliefs and higher order … without a common prior, and up to any a priori fixed depth of reasoning. In every finite game “most” correlated equilibrium … equilibrium distributions based on the maximum order of beliefs used by players in the equilibrium. On the other hand, in a …
Persistent link: https://www.econbiz.de/10011049823
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Behavioral spillovers and cognitive load in multiple games: An experimental study
Bednar, Jenna; Chen, Yan; Liu, Tracy Xiao; Page, Scott - In: Games and Economic Behavior 74 (2012) 1, pp. 12-31
We present evidence from laboratory experiments of behavioral spillovers and cognitive load that spread across strategic contexts. In the experiments, subjects play two distinct games simultaneously with different opponents. We find that the strategies chosen and the efficiency of outcomes in...
Persistent link: https://www.econbiz.de/10010597542
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Promises and conventions – An approach to pre-play agreements
Miettinen, Topi - In: Games and Economic Behavior 80 (2013) C, pp. 68-84
I analyze how informal agreements can be sustained by moral emotions with regard to a large class of two-player games. Specifically, I assume that people feel guilty if they breach an agreement and that the guilt increases according to the degree of the harm inflicted on the other. A central...
Persistent link: https://www.econbiz.de/10010666018
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Shaping beliefs in experimental markets for expert services: Guilt aversion and the impact of promises and money-burning options
Beck, Adrian; Kerschbamer, Rudolf; Qiu, Jianying; … - In: Games and Economic Behavior 81 (2013) C, pp. 145-164
In a credence goods game with an expert and a consumer, we study experimentally the impact of two devices that are predicted to induce consumer-friendly behavior if the expert has a propensity to feel guilty when he believes that he violates the consumerʼs payoff expectations: (i) an...
Persistent link: https://www.econbiz.de/10011049695
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Profit-seeking punishment corrupts norm obedience
Xiao, Erte - In: Games and Economic Behavior 77 (2013) 1, pp. 321-344
Punishment typically involves depriving violators of resources they own such as money or labor. These resources can become revenue for authorities and thus motivate profit-seeking punishment. In this paper, we design a novel experiment to provide direct evidence on the role punishment plays in...
Persistent link: https://www.econbiz.de/10011049700
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Whom do you distrust and how much does it cost? An experiment on the measurement of trust
McEvily, Bill; Radzevick, Joseph R.; Weber, Roberto A. - In: Games and Economic Behavior 74 (2012) 1, pp. 285-298
We advance the measurement of trust in economics in two ways. First, we highlight the importance of clearly identifying the target of trust, particularly for obtaining concordance between attitudinal and behavioral measures of trust. Second, we introduce a novel behavioral measure of (dis)trust,...
Persistent link: https://www.econbiz.de/10011049788
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A generalized approach to belief learning in repeated games
Ioannou, Christos A.; Romero, Julian - In: Games and Economic Behavior 87 (2014) C, pp. 178-203
We propose a methodology that is generalizable to a broad class of repeated games in order to facilitate operability of belief-learning models with repeated-game strategies. The methodology consists of (1) a generalized repeated-game strategy space, (2) a mapping between histories and...
Persistent link: https://www.econbiz.de/10011049792
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Cognitive ability and strategic sophistication
Carpenter, Jeffrey; Graham, Michael; Wolf, Jesse - In: Games and Economic Behavior 80 (2013) C, pp. 115-130
In three experiments we examine the extent to which strategic sophistication (i.e., inductive reasoning, iterative dominance and level-k thinking) is determined by broader cognitive skills. In the first experiment we replicate previous results showing strong associations between cognitive...
Persistent link: https://www.econbiz.de/10011049801
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Evolution of theories of mind
Mohlin, Erik - In: Games and Economic Behavior 75 (2012) 1, pp. 299-318
This paper studies the evolution of peoplesʼ models of how other people think – their theories of mind. This is formalized within the level-k model, which postulates a hierarchy of types, such that type k plays a k times iterated best response to the uniform distribution. It is found that,...
Persistent link: https://www.econbiz.de/10011049877
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Strategies and evolution in the minority game: A multi-round strategy experiment
Linde, Jona; Sonnemans, Joep; Tuinstra, Jan - In: Games and Economic Behavior 86 (2014) C, pp. 77-95
outcomes resemble the symmetric Nash equilibrium. The strategies that survive evolutionary competition achieve much higher …
Persistent link: https://www.econbiz.de/10010785198