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Cheap Talk, Prices and Crises : An Experimental Study

Qu, Hong - 2011

interplay between two types of uncertainty that agents face: fundamental and strategic uncertainty (i.e. uncertainty about … prices reduce fundamental uncertainty, efficiency of coordination does not improve because strategic uncertainty intensifies …. In contrast, costless nonbinding cheap talk significantly improves coordination as it reduces strategic uncertainty …

Persistent link: https://www.econbiz.de/10013119581

Strategic Investment and Learning with Private Information

Klein, Nicolas Alexandre - 2019

strategic experimentation can increase ex-ante welfare because of strategic uncertainty and due to an "encouragement effect of …

Persistent link: https://www.econbiz.de/10012896666

Estimation of Games under No Regret

Lomys, Niccolò; Magnolfi, Lorenzo - 2022

We develop a method to estimate a game’s primitives in complex dynamic environments. Because of the environment’s complexity, agents may not know or understand some key features of their interaction. Instead of equilibrium assumptions, we impose an asymptotic ε-regret (ε-AR) condition on...

Persistent link: https://www.econbiz.de/10014241906

Conditional Strategies and the Evolution of Cooperation in Spatial Public Goods Games

Szolnoki, Attila - 2012

The fact that individuals will most likely behave differently in different situations begets the introduction of conditional strategies. Inspired by this, we study the evolution of cooperation in the spatial public goods game, where besides unconditional cooperators and defectors, also different...

Persistent link: https://www.econbiz.de/10013111081

Signaling in deterministic and stochastic settings

Jeitschko, Thomas D.; Normann, Hans-Theo - 2011

We contrast a standard deterministic signaling game with one where the signal-generating mechanism is stochastic. With stochastic signals a unique equilibrium emerges that involves separation and has intuitive comparative-static properties as the degree of signaling depends on the prior type...

Persistent link: https://www.econbiz.de/10009355251

Unique equilibrium in rent-seeking contests with a continuum of types

Ewerhart, Christian - 2014

Persistent link: https://www.econbiz.de/10010360296

Meaningful talk

Streb, Jorge M.; Torrens, Gustavo - 2011

In economics, the standard approach to language is that talk is cheap. Here, instead, language is a social convention that affects utility. Unless language is used in its ordinary sense, it cannot help to coordinate actions because there is no way of decoding it. This points to a unique...

Persistent link: https://www.econbiz.de/10008903436

Less rationality, more efficiency : a laboratory experiment on "lemons" markets

Kirstein, Roland; Kirstein, Annette - 2005 - Version of October 2005

In this paper we experimentally test a theory of boundedly rational behavior in a "lemons market." We analyzed two different market designs, for which perfect rationality implies complete and partial market collapse, respectively. Our empirical observations deviate substantially from these...

Persistent link: https://www.econbiz.de/10010506629

Social learning, search and heterogeneity of payoffs

Cartwright, Edward (contributor) - 2007

We consider a simple model that combines elements of search and social learning. Acting in sequence, and observing the action adopted by a previous agent, agents must search for an action. We explore why agent heterogeneity may increase expected payoffs and demonstrate that social learning may...

Persistent link: https://www.econbiz.de/10003491166

Contagion through learning

Steiner, Jakub; Stewart, Colin - In: Theoretical economics : TE ; an open access journal in … 3 (2008) 4, pp. 431-458

We study learning in a large class of complete information normal form games. Players continually face new strategic situations and must form beliefs by extrapolation from similar past situations. We characterize the long-run outcomes of learning in terms of iterated dominance in a related...

Persistent link: https://www.econbiz.de/10011700119