Fatas, Enrique; Morales, Antonio J. - In: Economics Letters 120 (2013) 2, pp. 181-183
Using the experimental sessions of Goeree and Holt (2005), we show that step thinking fits the long-run outcome of minimum-effort and median-effort games surprisingly well for all values of the cost parameter. In the latter, the predicted discontinuous behaviour of step thinking accommodates the...