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Loss avoidance as selection principle: evidence from simple stag-hunt games

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Author Info
Ondrej Rydval
Andreas Ortmann

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Abstract

We investigate experimentally the conjecture that loss avoidance solves the tension in stag-hunt games for which payoff dominance and risk dominance make conflicting predictions. Contrary to received textbook wisdom, money-losing outcomes do shift behavior, albeit not strongly, toward the payoff-dominant equilibrium.

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File URL: http://www.cerge-ei.cz/pdf/wp/Wp245.pdf
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Publisher Info
Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp245.

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Date of creation: Dec 2004
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Handle: RePEc:cer:papers:wp245

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Related research
Keywords: Loss avoidance; Selection principle; Stag-hunt games; Coordination games; Experiment;

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C9 - Mathematical and Quantitative Methods - - Design of Experiments
D9 - Microeconomics - - Intertemporal Choice and Growth
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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  1. Francesco Feri & Bernd Irlenbusch & Matthias Sutter, 2008. "Efficiency Gains from Team-Based Coordination – Large-Scale Experimental Evidence," Working Papers 2008-22, Faculty of Economics and Statistics, University of Innsbruck. [Downloadable!]
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  2. Laura Bangun & Ananish Chaudhuri & Parapin Prak & Chenan Zhou, 2006. "Common and almost common knowledge of credible assignments in a coordination game," Economics Bulletin, Economics Bulletin, vol. 3(1), pages 1-10. [Downloadable!]
  3. Susanne Büchner & Werner Güth & Luis M. Miller, 2005. "Conventions for Selecting Among Conventions - An Evolutionary and Experimental Analysis," Papers on Strategic Interaction 2005-21, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
  4. Jonathan W. Leland, 2006. "Equilibrium Selection, Similarity Judgments and the“Nothing to Gain/Nothing to Lose”Effect," Levine's Working Paper Archive 321307000000000378, David K. Levine. [Downloadable!]
    Other versions:
  5. Giovanna Devetag & Andreas Ortmann, 2007. "Classic coordination failures revisited: the effects of deviation costs and loss avoidance," CEEL Working Papers 0703, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
    Other versions:
  6. Giovanna Devetag & Andreas Ortmann, 2006. "When and Why? A Critical Survey on Coordination Failure in the Laboratory," CEEL Working Papers 0605, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
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