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M Equilibrium : A Theory of Beliefs and Choices in Games
Goeree, Jacob K.; Louis, Philippos - 2021
We introduce a set-valued solution concept, M equilibrium, to capture empirical regularities from over half a century of game-theory experiments. We show M equilibrium serves as a meta theory for various models that hitherto were considered unrelated. M equilibrium is empirically robust and,...
Persistent link: https://www.econbiz.de/10013231707
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How cognitive skills affect strategic behavior : cognitive ability, fluid intelligence and judgment
Gill, David; Knepper, Zachary; Prowse, Victoria; Zhou, Junya - 2024
We explore the influence of cognitive ability and judgment on strategic behavior in the beauty contest game (where the Nash equilibrium action is zero). Using the level-k model of bounded rationality, cognitive ability and judgment both predict higher level strategic thinking. However,...
Persistent link: https://www.econbiz.de/10014584425
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Strategic complexity and the value of thinking
Gill, David; Prowse, Victoria - 2022
Response times are a simple low-cost indicator of the process of reasoning in strategic games. In this paper, we leverage the dynamic nature of response-time data from repeated strategic interactions to measure the strategic complexity of a situation by how long people think on average when they...
Persistent link: https://www.econbiz.de/10013191643
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Using response times to measure strategic complexity and the value of thinking in games
Gill, David; Prowse, Victoria L. - 2017
Response times are a simple low-cost indicator of the process of reasoning in strategic games (Rubinstein, 2007; Rubinstein, 2016). We leverage the dynamic nature of response-time data from repeated strategic interactions to measure the strategic complexity of a situation by how long people think on...
Persistent link: https://www.econbiz.de/10011607565
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Does response time predict withdrawal decisions? : lessons from a bank-run experiment
Kiss, Hubert János; Rodríguez-Lara, Ismael; … - 2018
We study how response time in a laboratory experiment on bank runs affects withdrawal decisions. In our setup, the bank … difficulty and optimality of withdrawal decision. We hypothesize that a) the more difficult the decision, the longer the response …
Persistent link: https://www.econbiz.de/10012011103
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Newcomb's Paradox and Neuroeconomics : Proposal of an Experimental Investigation
Stronka, Waldemar - 2007
In this paper we propose a version of a game-theoretic problem known as the Newcomb's Paradox. The version offers possibilities for an experimental investigation. Such experiments would make use of future generation of 'lie detectors' based directly on human brain activity, like fMRI and EEG. We...
Persistent link: https://www.econbiz.de/10012731534
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Recency, Records and Recaps : Learning and Non-Equilibrium Behavior in a Simple Decision Problem
Fudenberg, Drew - 2016
Nash equilibrium takes optimization as a primitive, but suboptimal behavior can persist in simple stochastic decision …
Persistent link: https://www.econbiz.de/10013007089
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Strategic sophistication of individuals and teams in experimental normal-form games
Sutter, Matthias; Czermak, Simon; Feri, Francesco - 2010
only 40% for individuals. -- Strategic sophistication ; beliefs ; experiment ; team decision making ; individual decision …We present an experiment on strategic thinking and behavior of individuals and teams in one-shot normal-form games …. Besides making choices, decision makers have to state their first- and second-order beliefs. We find that teams play the Nash …
Persistent link: https://www.econbiz.de/10003938152
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Unraveling fairness in simple games? : the role of empathy and theory of mind
Artinger, Florian; Exadaktylos, Filippos; Koppel, Hannes; … - 2010
Economists have been theorizing that other-regarding preferences influence decision making. Yet, what are the …
Persistent link: https://www.econbiz.de/10003980496
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Strategic sophistication of adolescents : evidence from experimental normal-form games
Czermak, Simon; Feri, Francesco; Glätzle-Rützler, Daniela - 2010
math grades are more strategic. -- Strategic thinking ; beliefs ; experiment ; age ; adolescents …
Persistent link: https://www.econbiz.de/10003987136