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Least-Unmatched Price Auctions have become a popular format of TV and radio shows. Increasingly, they are also applied in internet trading. In these auctions the lowest single (unique) bid wins. We analyze the game-theoretic solution of least unmatched price auctions when prize, bidding cost and...
Persistent link: https://www.econbiz.de/10011422186
evolutionary forces in games played repeatedly in large populations of boundedly rational agents. The approach is macro oriented in …
Persistent link: https://www.econbiz.de/10010335048
-market entry games. More generally, the algorithm facilitates simulated maximum likelihood (SML) estimation of games with large … numbers of players, T, and/or many binary actions per player, M (e.g., games with tens of thousands of strategic actions, TM …
Persistent link: https://www.econbiz.de/10014480510
equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a … fourth strategy, Dumb. Nash equilibrium places a weight of 1/2 on Dumb in both games, but the TASP places no weight on Dumb …
Persistent link: https://www.econbiz.de/10010288137
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turn works out for games, drawing on some recent advances in the literature. Our key examples are the long-term dynamics of …
Persistent link: https://www.econbiz.de/10009752434
Individual players in a simultaneous equation binary choice model act differently in different environments in ways that are frequently not captured by observables and a simple additive random error. This paper proposes a random coefficient specification to capture this type of heterogeneity in...
Persistent link: https://www.econbiz.de/10009725714
This article reviews the recent literature on the econometric analysis of games where multiple solutions are possible … guide to identification and estimation strategies, I discuss games of complete and incomplete information separately …
Persistent link: https://www.econbiz.de/10009627470