We report experimental results from long sequences of decisions in environments that are theoretically prone to severe information cascades. Observed behaviour is much different—information cascades are ephemeral. We study the implications of a theoretical model based on quantal response...

The quantal response equilibrium (QRE) is an extension of the standard model of Nash equilibrium which allows for errors in choice. The QRE can be viewed as a generalization of statistical models of discrete choice behavior of individuals to a game theoretic setting. Just like in discrete choice...

We present experimental results on individual decisions in juries. We consider the effect of three treatment variables: the size of the jury (three or six), the number of votes needed for conviction (majority or unanimity), and jury deliberation. We find evidence of strategic voting under the...