Arms or Legs: Isomorphic Dutch Auctions and Centipede Games
AbstractCentipede games and Dutch auctions provide important instances in which game theory fails empirically. The reasons for these empirical failures are not well understood. Standard centipede games and Dutch auctions differ from each other in terms of their Institutional Format (IF), Dynamic Structure (DS), and Information Environment (IE). This paper introduces new games that are constructed from centipede games and Dutch auctions by interchanging some of their IF, DS, and IE characteristics. The new games are introduced in isomorphic pairs. Experiment treatments with pairs of new isomorphic games provide data that yield insights into the effects on behavior of games' IF, DS, and IE characteristics.
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Bibliographic InfoPaper provided by Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University in its series Experimental Economics Center Working Paper Series with number 2010-01.
Date of creation: Jan 2010
Date of revision: Aug 2011
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-30 (All new papers)
- NEP-EXP-2010-01-30 (Experimental Economics)
- NEP-GTH-2010-01-30 (Game Theory)
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