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Continuous-Time Strategy Selection in Linear Population Games

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  • Siegfried Berninghaus
  • Karl-Martin Ehrhart
  • Claudia Keser
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    Abstract

    In an experimental evolutionary game framework we investigate whether subjects end up in a socially efficient state. We examine two games, a game where the socially efficient state is also an equilibrium and a game which has no equilibrium in pure strategies at all. Furthermore, we distinguish between a situation in which the subjects are completely informed about the payoff function and a situation in which they are incompletely informed. We observe that subjects spend the greater part of the time at or near the efficient state. If the efficient state is an equilibrium, they spend more time there than otherwise. Furthermore, incomplete information increases the time spent at the efficient state. Copyright Kluwer Academic Publishers 1999

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    File URL: http://hdl.handle.net/10.1023/A:1009977715310
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    Bibliographic Info

    Article provided by Springer in its journal Experimental Economics.

    Volume (Year): 2 (1999)
    Issue (Month): 1 (August)
    Pages: 41-57

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    Handle: RePEc:kap:expeco:v:2:y:1999:i:1:p:41-57

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    Web page: http://www.springerlink.com/link.asp?id=102888

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    1. Berninghaus, Siegfried, 1984. "A general existence theorem for equilibrium price dispersions," Information Economics and Policy, Elsevier, vol. 1(3), pages 239-266.
    2. Berninghaus, Siegfried K. & Ehrhart, Karl-Martin, 1998. "Time horizon and equilibrium selection in tacit coordination games: Experimental results," Journal of Economic Behavior & Organization, Elsevier, vol. 37(2), pages 231-248, October.
    3. Ehud Kalai & Ehud Lehrer, 1990. "Rational Learning Leads to Nash Equilibrium," Discussion Papers 895, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    4. Carlson, John A & McAfee, R Preston, 1983. "Discrete Equilibrium Price Dispersion," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 480-93, June.
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    Cited by:
    1. Siegfried Berninghaus & Karl-Martin Ehrhart & Marion Ott & Bodo Vogt, 2007. "Evolution of networks—an experimental analysis," Journal of Evolutionary Economics, Springer, vol. 17(3), pages 317-347, June.
    2. Siegfried Berninghaus & Karl-Martin Ehrhart & Marion Ott, 2006. "A network experiment in continuous time: The influence of link costs," Experimental Economics, Springer, vol. 9(3), pages 237-251, September.
    3. Arnold, Tone & Schwalbe, Ulrich, 2002. "Dynamic coalition formation and the core," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 363-380, November.

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