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The Effects of Common Advice on One-shot Traveler’s Dilemma Games: Explaining Behavior through an Introspective Model with Errors

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Abstract

We report results of single interaction Traveler’s Dilemma game experiments with and without expert advice to test the robustness of a model of noisy introspection. The model describes an out-of-equilibrium process with errors by which players reach a decision of what to do in strategic situations. By tracing the process by which players determine what to do, one can find a prediction for single interaction games. Simulations show that the model’s predictions are consistent with experimental data.

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Bibliographic Info

Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2003/17.

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Length: 54 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:cea:doctra:e2003_17

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Keywords: game theory; introspection; experiments; simulations; noisy behavior.;

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Citations

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Cited by:
  1. Colin Camerer & Teck-Hua Ho & Juin Kuan Chong, 2003. "A cognitive hierarchy theory of one-shot games: Some preliminary results," Levine's Bibliography 506439000000000495, UCLA Department of Economics.
  2. Kaushik Basu & Leonardo Becchetti & Luca Stanca, 2011. "Experiments with the Traveler's Dilemma: Welfare, Strategic Choice and Implicit Collusion," CEIS Research Paper 188, Tor Vergata University, CEIS, revised 23 Mar 2011.
  3. Tilman Becker & Michael Carter & Jörg Naeve, 2005. "Experts Playing the Traveler's Dilemma," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 252/2005, Department of Economics, University of Hohenheim, Germany.

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