Showing 1 - 10 of 170
We consider a basic stochastic evolutionary model with rare mutation and a best-reply (or better-reply) selection mechanism. Following Young's papers, we call a state stochastically stable if its long-term relative frequency of occurrence is bounded away from zero as the mutation rate decreases...
Persistent link: https://www.econbiz.de/10009727120
This paper studies the dynamics of bargaining in an intrahousehold context. To explore long-term partner relationships, we analyse bilateral bargaining by considering that spouses take decisions sequentially. We conclude that a greater valuation of the present, rather than the future, for the...
Persistent link: https://www.econbiz.de/10013324912
The paper presents the results of a novel experiment testing the effects of environment complexity on strategic behavior, using a centipede game. Behavior in the centipede game has been explained either by appealing to failures of backward induction or by calling for preferences that induce...
Persistent link: https://www.econbiz.de/10010291805
This paper presents a strategic model of risk-taking behavior in the framework of a continuous time contest. Formally, we analyze a dynamic game in which each player decides when to stop a privately observed Brownian Motion with drift. Only the player who stops his process at the highest value...
Persistent link: https://www.econbiz.de/10014204101
The paper presents the results of a novel experiment testing the effects of environment complexity on strategic behavior, using a centipede game. Behavior in the centipede game has been explained either by appealing to failures of backward induction or by calling for preferences that induce...
Persistent link: https://www.econbiz.de/10014165852
The ultimatum heuristic is a decision-making tendency discernible in graphical plots of mixed-motive noncooperative games. As such, it can serve also as a solution approach, backsolving, predicting and explaining outcomes better than the mainstay Nash equilibrium concept whenever data for the...
Persistent link: https://www.econbiz.de/10014079449
We investigate a process of decision-making in a multi-period winner-take-all contest, in which competing players simultaneously choose among actions with different levels of risk every period. Strategic risk-taking is analyzed in isolation from effort choices, and, according to expected utility...
Persistent link: https://www.econbiz.de/10014081228
This paper introduces extensive form generalized games, a general framework for modeling dynamic strategic settings where players' feasible strategies depend on the strategies chosen by others. Extensive form generalized games nest a variety of existing game theoretic frameworks, including games...
Persistent link: https://www.econbiz.de/10012948204
I study sequential contests where the efforts of earlier players may be disclosed to later players by nature or by design. The model has a range of applications, including rent seeking, R&D, oligopoly, public goods provision, and tragedy of the commons. I show that information about other...
Persistent link: https://www.econbiz.de/10012928173
This paper introduces and analyzes sequentially stable outcomes in extensive games. An outcome ω is sequentially stable if for any ε 0, any version of the game where players make mistakes with small enough probability has a perfect ε-equilibrium with outcome close to ω. Unlike stable...
Persistent link: https://www.econbiz.de/10014364271