Strategic Behavior of Experienced Subjects in a Common Pool Resource Game
AbstractThis paper describes the results of an experiment applying the strategy method to analyze the behavior of subjects in an 8-player common pool resource (CPR) game. The CPR game consists of a constituent game played for 20 periods. The CPR game has a unique optimum and a unique subgame perfect equilibrium; the latter involves overinvestment in the appropriation from the CPR. Sixteen students, all experienced in game theory, were recruited to play the CPR game over the course of 6 weeks. In the first phase of the experiment, they played the CPR game on-line 3 times. In the second phase of the experiment, the tournament phase, they designed strategies which were then played against each other. At the aggregate level, subgame perfect equilibrium organizes the data fairly well. At the individual level, however, fewer than 5% of subjects play in accordance with the game equilibrium prediction.
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Bibliographic InfoPaper provided by Indiana - Center for Econometric Model Research in its series Papers with number 94-009.
Length: 41 pages
Date of creation: 1994
Date of revision:
Contact details of provider:
Postal: Indiana University, Center for Econometric Model Research, Department of Economics; Bloomington, IN 47405.
Web page: http://www.indiana.edu/~econweb/
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Other versions of this item:
- Claudia Keser & Roy Gardner, 1999. "Strategic behavior of experienced subjects in a common pool resource game," International Journal of Game Theory, Springer, vol. 28(2), pages 241-252.
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