Do Players’ Beliefs or Risk Attitudes Determine The Equilibrium Selections in 2x2 Coordination Games?
AbstractThis study focuses on the question whether it is risk aversion or the beliefs of players that explains the strategic choices in 2x2 coordination games. In a laboratory experiment, we elicit the risk attitudes by using lottery choices. Furthermore, using a quadratic scoring rule, subjects’ beliefs about the choice of the opponent are elicited directly. Our data show that participants’ behavior is not explained by risk attitude, but rather is explained as their best response to their stated first order beliefs.
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Bibliographic InfoPaper provided by Otto-von-Guericke University Magdeburg, Faculty of Economics and Management in its series FEMM Working Papers with number 09024.
Length: 12 pages
Date of creation: Aug 2009
Date of revision:
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experimental economics; coordination games; equilibrium selection; first order beliefs;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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- Berninghaus, Siegfried K. & Haller, Sven & Krüger, Tyll & Neumann, Thomas & Schosser, Stephan & Vogt, Bodo, 2010.
"Risk attitude, beliefs, and information in a corruption game: An experimental analysis,"
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- Siegfried K. Berninghaus & Sven Haller & Tyll Krüger & Thomas Neumann & Stephan Schosser & Bodo Vogt, 2012. "Risk Attitude, Beliefs, and Information in a Corruption Game - An Experimental Analysis," Jena Economic Research Papers 2012-033, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
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