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Does Information Matter? Some Experimental Evidence from a Common-Pool Resource Game

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  • Jose Apesteguia

Abstract

This paper analyzes the effect of the availability of information about the payoff structure on the behavior of players in a Common-Pool Resource game. Six groups of six individuals played a complete information game, while other six groups played the same game but with no information about the payoff function. It will be shown that the patterns of investment decisions in both treatments are remarkadly similar. In fact, it cannot be rejected that there is no difference in the investment decisions at the aggregate level between the two treatments. Furthermore, after arguing that the unique Nash equilibrium of the game does not organize the individual data, two individual learning models are studied: one following a marginal analysis (the Best-reply function) and one following an average analysis (the Average-reply function). However, the predictive value of such learning models is found to be poor.

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File URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonedp/bgse24_2001.pdf
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Bibliographic Info

Paper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number bgse24_2001.

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Length: 26
Date of creation: Sep 2001
Date of revision:
Handle: RePEc:bon:bonedp:bgse24_2001

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

Related research

Keywords: Common-pool resources; Nash equilibrium; Information; Learning;

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  1. Herr, Andrew & Gardner, Roy & Walker, James M., 1997. "An Experimental Study of Time-Independent and Time-Dependent Externalities in the Commons," Games and Economic Behavior, Elsevier, vol. 19(1), pages 77-96, April.
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  8. Faulhaber, Gerald R & Baumol, William J, 1988. "Economists as Innovators: Practical Products of Theoretical Research," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 577-600, June.
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  10. Jordan, J S, 1989. "The Economics of Accounting Information Systems," American Economic Review, American Economic Association, vol. 79(2), pages 140-45, May.
  11. Budescu David V. & Rapoport Amnon & Suleiman Ramzi, 1995. "Common Pool Resource Dilemmas under Uncertainty: Qualitative Tests of Equilibrium Solutions," Games and Economic Behavior, Elsevier, vol. 10(1), pages 171-201, July.
  12. Richard J. Herrnstein & Drazen Prelec, 1991. "Melioration: A Theory of Distributed Choice," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 137-156, Summer.
  13. Hackett Steven & Schlager Edella & Walker James, 1994. "The Role of Communication in Resolving Commons Dilemmas: Experimental Evidence with Heterogeneous Appropriators," Journal of Environmental Economics and Management, Elsevier, vol. 27(2), pages 99-126, September.
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Cited by:
  1. Shahi, Chander & Kant, Shashi, 2007. "An evolutionary game-theoretic approach to the strategies of community members under Joint Forest Management regime," Forest Policy and Economics, Elsevier, vol. 9(7), pages 763-775, April.

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