We report laboratory experiments that use new, visually oriented software to explore the dynamics of 3 x 3 games with intransitive best responses. Each moment, each player is matched against the entire population, here 8 human subjects. A heat map offers instantaneous feedback on current profit...

A new method is proposed for the analysis of first price and all pay auctions, where bidding functions are written not as functions of values but as functions of the rank or quantile of the bidder’s value in the distribution from which it was drawn. This method gives new results in both...

In many markets it is possible to find rival sellers charging different prices for the same good. Earlier research has attempted to explain this phenomenon by demonstrating the existence of dispersed price equilibria when consumers must make use of costly search to discover prices. We ask...

We investigate games whose Nash equilibria are mixed and are unstable under fictitious play-like learning processes. We show that when players learn using weighted stochastic fictitious play and so place greater weight on more recent experience that the time average of play often converges in...

In many markets, it is possible to find rival sellers charging different prices for the same good. Earlier research has attempted to explain this phenomenon by demonstrating the existence of dispersed price equilibria when consumers must make use of costly search to discover prices. We ask...