This paper presents a dynamic model in which agents adjust their decisions in the direction of higher payoffs, subject to random error. This process produces a probability distribution of players' decisions whose evolution over time is determined by the Fokker-Planck equation. The dynamic...

Every experimentalist will sooner or later come across a situation in which results from initial baseline treatments conform nicely to the Nash equilibrium, but subsequent changes in parameters push the data in ways not predicted by Nash. This may happen when one begins by giving theory its best...

We specify a dynamic model in which agents adjust their decisions toward higher payoffs, subject to normal error. This process generates a probability distribution of players' decisions that evolves over time according to the Fokker-Planck equation. The dynamic process is stable for all...