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A General Theory of Equilibrium Selection in Games

Harsanyi, John C.; Selten, Reinhard - The MIT Press

The authors, two of the most prominent game theorists of this generation, have devoted a number of years to the development of the theory presented here, and to its economic applications. They propose rational criteria for selecting one particular uniformly perfect equilibrium point as the...

Persistent link: https://www.econbiz.de/10005756478

Autobiography

Selten, Reinhard - Nobel Prize Committee - 1995

I was born in Breslau on October 5th, 1930. At that time, Breslau, now called Wroclaw, belonged to Germany and only German was spoken there. After the second world war Breslau became Polish and the original German population was almost completely replaced by a Polish one. I have never visited...

Persistent link: https://www.econbiz.de/10004981479

Interview with Nobel Prize Laureate Reinhard Selten

Selten, Reinhard - Nobel Prize Committee - 2004

Interview with Professor Reinhard Selten at the 1st Meeting of Laureates in Economic Sciences in Lindau, Germany, September 1-4, 2004. Interviewer is freelance journalist Marika Griehsel.

Persistent link: https://www.econbiz.de/10004981507

Bounded-Rationality Models: Tasks to Become Intellectually Competitive

Harstad, Ronald M.; Selten, Reinhard - In: Journal of Economic Literature 51 (2013) 2, pp. 496-511

Research in experimental economics has cogently challenged the fundamental precept of neoclassical economics that economic agents optimize. The last two decades have seen elaboration of boundedly rational models that try to move away from the optimization approach, in ways consistent with...

Persistent link: https://www.econbiz.de/10010815450

Descriptive Approaches to Cooperation

Selten, Reinhard - University of Bonn, Germany - 1994

payoff bounds (Selten 1987) for zero-normalized three-person games in characteristic function form is presented and its …

Persistent link: https://www.econbiz.de/10004968251

Individual Behavior of First-Price Sealed-Bid Auctions: The Importance of Information Feedback in Experimental Markets

Neugebauer, Tibor; Selten, Reinhard - University of Bonn, Germany - 2002

This article reports the results of a first-price sealed-bid auction experiment, which has been designed to test the Nash equilibrium predictions of individual bidding behavior. Subjects faced in 100 auctions always the same resale value and competed with computerized bids. Three treatments were...

Persistent link: https://www.econbiz.de/10004968447

The Effect of Payoff Tables on Experimental Oligopoly Behavior

Gürerk, Özgür; Selten, Reinhard - Volkswirtschaftliche Fakultät, … - 2010

We explore the effects of the provision of an information-processing instrument - payoff tables - on behavior in … experimental oligopolies. In one experimental setting, subjects have access to payoff tables whereas in the other setting they have …, particularly in the initial phase of the experiment. In the presence of payoff tables, subjects tend to be more cooperative. As a …

Persistent link: https://www.econbiz.de/10008516592

Experimentally Observed Imitation and Cooperation in Price Competition on the Circle

Selten, Reinhard; Apesteguia, Jose - University of Bonn, Germany - 2002

This paper reports an experiment on a location game, the so-called "Price-Competition on the Circle." There are n symmetric firms equidistantly located on a circle. Consumers are uniformly distributed. Each consumer buys one and only one unit from that firm whose price, including the cost of...

Persistent link: https://www.econbiz.de/10005032209

Behavioral Conformity in Games with Many Players

Wooders, Myrna; Cartwright, Edward; Selten, Reinhard - Vanderbilt University Department of Economics - 2005

In the literature of psychology and economics it is frequently observed that individuals tend to conform in their behavior to the behavior of similar individuals. A fundamental question is whether the outcome of such behavior can be consistent with self-interest. We propose that this consistency...

Persistent link: https://www.econbiz.de/10005752722

Learning in experimental 2×2 games

Chmura, Thorsten; Goerg, Sebastian J.; Selten, Reinhard - In: Games and Economic Behavior 76 (2012) 1, pp. 44-73

In this paper, we introduce two new learning models: action-sampling learning and impulse-matching learning. These two models, together with the models of self-tuning EWA and reinforcement learning, are applied to 12 different 2×2 games and their results are compared with the results from...

Persistent link: https://www.econbiz.de/10011049672