Predicting How People Play Games: A Simple Dynamic Model of Choice
AbstractWe use the model developed in Sarin and Vahid (1999, GEB) to explain the experiments reported in Erev and Roth (1998, AER). The model supposes that players maximize subject to their "beliefs" which are non-probabilistic and scalar-valued. They are intended to describe the payoffs the players subjectively assess they will obtain from a strategy. In an earlier paper (Sarin and Vahid (1997) we showed that the model predicted behaviour in repeated coordination games remarkably well, and better than equilibrium theory of reinforcement learning models. In this paper we show that the same one-parameter model can also explain behaviour in games with a unique mixed strategy Nash equilibrium better than alternative models. Hence, we obtain further support for the simple dynamic model.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 34 (2001)
Issue (Month): 1 (January)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622836
Other versions of this item:
- Sarin, R. & Vahid, F., 1999. "Predicting how People Play Games: a Simple Dynamic Model of Choice," Monash Econometrics and Business Statistics Working Papers 12/99, Monash University, Department of Econometrics and Business Statistics.
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- T. Borgers & R. Sarin, 2010.
"Learning Through Reinforcement and Replicator Dynamics,"
Levine's Working Paper Archive
380, David K. Levine.
- Borgers, Tilman & Sarin, Rajiv, 1997. "Learning Through Reinforcement and Replicator Dynamics," Journal of Economic Theory, Elsevier, vol. 77(1), pages 1-14, November.
- Tilman B�rgers & Rajiv Sarin, . "Learning Through Reinforcement and Replicator Dynamics," ELSE working papers 051, ESRC Centre on Economics Learning and Social Evolution.
- Borgers, Tilman & Sarin, Rajiv, 2000.
"Naive Reinforcement Learning with Endogenous Aspirations,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(4), pages 921-50, November.
- T. Borgers & R. Sarin, 2010. "Naïve Reinforcement Learning With Endogenous Aspirations," Levine's Working Paper Archive 381, David K. Levine.
- Tilman B�rgers & Rajiv Sarin, . "Naive Reinforcement Learning With Endogenous Aspiration," ELSE working papers 037, ESRC Centre on Economics Learning and Social Evolution.
- Sarin, Rajiv & Vahid, Farshid, 1999. "Payoff Assessments without Probabilities: A Simple Dynamic Model of Choice," Games and Economic Behavior, Elsevier, vol. 28(2), pages 294-309, August.
- Itzhak Gilboa & David Schmeidler, 1992.
"Case-Based Decision Theory,"
994, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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