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An experimental study of information and mixed-strategy play in the three-person matching-pennies game

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Author Info

  • Arijit Mukherji

    ()
    (University of Minnesota, Minneapolis, MN 55455, USA)

  • Kevin A. McCabe

    (Economic Science Laboratory and Department of Economics, College of Business and Public Administration, University of Arizona, Tucson, AZ 85721, USA)

  • David E. Runkle

    ()
    (University of Minnesota, Minneapolis, MN 55455, USA)

Abstract

Recent experiments on mixed-strategy play in experimental games reject the hypothesis that subjects play a mixed strategy even when that strategy is the unique Nash equilibrium prediction. However, in a three-person matching-pennies game played with perfect monitoring and complete payoff information, we cannot reject the hypothesis that subjects play the mixed-strategy Nash equilibrium. Given this support for mixed-strategy play, we then consider two qualitatively different learning theories (sophisticated Bayesian and naive Bayesian) which predict that the amount of information given to subjects will determine whether they can learn to play the predicted mixed strategies. We reject the hypothesis that subjects play the symmetric mixed-strategy Nash equilibrium when they do not have complete payoff information. This finding suggests that players did not use sophisticated Bayesian learning to reach the mixed-strategy Nash equilibrium.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 15 (2000)
Issue (Month): 2 ()
Pages: 421-462

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Handle: RePEc:spr:joecth:v:15:y:2000:i:2:p:421-462

Note: Received: August 9, 1996; revised version: October 21, 1998
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Related research

Keywords: Nash equilibrium; Bayesian learning; Experimental.;

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Cited by:
  1. Azar, Ofer H. & Bar-Eli, Michael, 2009. "Do soccer players play the mixed-strategy Nash equilibrium?," MPRA Paper 20964, University Library of Munich, Germany.
  2. Johne Bone & Michalis Drouvelis & Indrajit Ray, 2013. "Coordination in 2 x 2 Games by Following Recommendations from Correlated Equilibria," Discussion Papers 12-04r, Department of Economics, University of Birmingham.
  3. Ganna Pogrebna & Pavlo Blavatskyy, 2009. "Coordination, focal points and voting in strategic situations: a natural experiment," Public Choice, Springer, vol. 140(1), pages 125-143, July.
  4. Ganna Pogrebna & Pavlo Blavatskyy, 2009. "Coordination, focal points and voting in strategic situations: a natural experiment," IEW - Working Papers 403, Institute for Empirical Research in Economics - University of Zurich.
  5. repec:fee:wpaper:1101 is not listed on IDEAS
  6. repec:wyi:wpaper:002021 is not listed on IDEAS
  7. Tim Friehe, 2008. "Correlated payoffs in the inspection game: some theory and an application to corruption," Public Choice, Springer, vol. 137(1), pages 127-143, October.
  8. Arijit Mukherji & David E. Runkle, 2000. "Learning to be unpredictable : an experimental study," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 14-20.
  9. Alessandro Rossi & Massimo Warglien, 2001. "An experimental Investigation of Fairness and Reciprocal Behavior in a Triangular Principal-Multiagent Relationship," ROCK Working Papers 014, Department of Computer and Management Sciences, University of Trento, Italy, revised 12 Jun 2008.

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