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Stationary Concepts for Experimental 2x2 Games

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Reinhard Selten
Thorsten Chmura

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Abstract

Four stationary concepts for completely mixed 2x2 games are experimentally compared: Nash equilibrium, quantal response equilibrium, sample-7 equilibrium and impulse balance equilibrium. Experiments on 12 games, 6 constant sum games and 6 non-constant sum games were run with 12 independent subject groups for each constant sum game and 5 independent subject groups for each nonconstant sum game. Each independent subject group consisted of 4 payers 1 and four players 2 interacting anonymously over 200 periods with random matching. The games were selected to yield a reasonably wide distribution over the parameter space. The comparison of the four theories shows that the order of performance from best to worst is as follows: impulse balance equilibrium, sample-7 equilibrium, quantal response equilibrium, Nash equilibrium. The new concepts of sample-7 equilibrium and impulse balance equilibrium are explained in the text.

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Paper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number bgse33_2005.

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Length: 43
Date of creation: Nov 2005
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Handle: RePEc:bon:bonedp:bgse33_2005

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
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Web page: http://www.bgse.uni-bonn.de/index.php?id=494

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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.:
  1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  2. Reinhard Selten & Klaus Abbink & Ricarda Cox, 2001. "Learning Direction Theory and the Winner’s Curse," Bonn Econ Discussion Papers bgse10_2001, University of Bonn, Germany. [Downloadable!]
  3. McKelvey, Richard D. & Palfrey, Thomas R. & Weber, Roberto A., 2000. "The effects of payoff magnitude and heterogeneity on behavior in 2 x 2 games with unique mixed strategy equilibria," Journal of Economic Behavior & Organization, Elsevier, vol. 42(4), pages 523-548, August. [Downloadable!] (restricted)
  4. Ockenfels, Axel & Selten, Reinhard, 2005. "Impulse balance equilibrium and feedback in first price auctions," Games and Economic Behavior, Elsevier, vol. 51(1), pages 155-170, April. [Downloadable!] (restricted)
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  5. Goeree, Jacob K. & Holt, Charles A. & Palfrey, Thomas R., 2003. "Risk averse behavior in generalized matching pennies games," Games and Economic Behavior, Elsevier, vol. 45(1), pages 97-113, October. [Downloadable!] (restricted)
  6. Selten, Reinhard & Joachim Buchta, 1994. "Experimental Sealed Bid First Price Auctions with Directly Observed Bid Functions," Discussion Paper Serie B 270, University of Bonn, Germany.
  7. Abbink, Klaus & Abdolkarim Sadrieh, 1995. "RatImage - research Assistance Toolbox for Computer-Aided Human Behavior Experiments," Discussion Paper Serie B 325, University of Bonn, Germany.
  8. J. Avrahami & Y. Kareev & W. Güth, . "The Parasite Game: Exploiting the Abundance of Nature in Face of Competition," Sonderforschungsbereich 373 2001-35, Humboldt Universitaet Berlin.
  9. Mark Walker & John Wooders, 2001. "Minimax Play at Wimbledon," American Economic Review, American Economic Association, vol. 91(5), pages 1521-1538, December. [Downloadable!] (restricted)
  10. Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-81, September. [Downloadable!] (restricted)
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  1. Alexander Matros & Wooyoung Lim & Theodore Turocy, 2009. "Raising Revenue With Raffles: Evidence from a Laboratory Experiment," Working Papers 377, University of Pittsburgh, Department of Economics, revised Feb 2009. [Downloadable!]
  2. Alessandro Tavoni, 2009. "Incorporating Fairness Motives into the Impulse Balance Equilibrium and Quantal Response Equilibrium Concepts: An Application to 2x2 Games," Working Papers 2009.40, Fondazione Eni Enrico Mattei. [Downloadable!]
  3. Ido Erev & Alvin Roth & Robert Slonim & Greg Barron, 2007. "Learning and equilibrium as useful approximations: Accuracy of prediction on randomly selected constant sum games," Economic Theory, Springer, vol. 33(1), pages 29-51, October. [Downloadable!] (restricted)
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