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In the real world, when people play games, they often receive advice from those that have played it before them. Such advice can facilitate the creation of a convention of behavior. This paper studies the impact of advice on the behavior subjects who engage in a non-overlapping generational...
Persistent link: https://www.econbiz.de/10010334253
Conventions can be narrowly interpreted as coordinated ways of equilibrium play, i.e., a specific convention tells all …
Persistent link: https://www.econbiz.de/10005765213
We formulate an evolutionary learning process in the spirit of Young (1993a) for games of incomplete information. The process involves trembles. For many games, if the amount of trembling is small, play will be in accordance with the games' (semi- strict) Bayesian equilibria most of the time....
Persistent link: https://www.econbiz.de/10005772120
Measurement activities are central to virtually all technical activities including engineering, construction and scientific research. In addition, the standardisation of measurement can generate considerable economies in production and exchange interactions between economic agents. This paper...
Persistent link: https://www.econbiz.de/10005090615
Measurement activities are central to virtually all technical activities including engineering, construction and scientific research. In addition, the standardisation of measurement can generate considerable economies in production and exchange interactions between economic agents. This paper...
Persistent link: https://www.econbiz.de/10005548325
This is a dictionary entry forthcoming in Peter Newman, ed. The New Palgrave Dictionary of Economics and the Law, London: Macmillan, 1998.
Persistent link: https://www.econbiz.de/10005423820
This is a dictionary entry forthcoming in Peter Newman, ed. The New Palgrave Dictionary of Economics and the Law, London: Macmillan, 1998.
Persistent link: https://www.econbiz.de/10005423874
The scope of the paper is the literature that employs coordination games to study social norms and conventions from the … multiple, equally viable, conventions. While game theory explains the emergence of conventions relying on efficiency and risk …
Persistent link: https://www.econbiz.de/10008465652
This paper presents the results of an experiment on mutual versus common knowl- edge of advice in a two-player weak-link game with random matching. Our experimen- tal subjects play in pairs for thirteen rounds. After a brief learning phase common to all treatments, we vary the knowledge levels...
Persistent link: https://www.econbiz.de/10010328544
This paper presents the results of an experiment on mutual versus common knowl- edge of advice in a two-player weak-link game with random matching. Our experimen- tal subjects play in pairs for thirteen rounds. After a brief learning phase common to all treatments, we vary the knowledge levels...
Persistent link: https://www.econbiz.de/10009415401