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Individual Decision Making in Exogenous Targeting Instrument Experiments

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Author Info
John Spraggon

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Abstract

The experimental treatments analysed in this paper are simple in that there is a unique Nash equilibrium resulting in each player having a dominant strategy. However, the data show quite clearly that subjects do not always choose this strategy. In fact, when this dominant strategy is not a “focal” outcome it does not even describe the average decision adequately. It is shown that average individual decisions are best described by a decision error model based on a censored distribution as opposed to the truncate regression model which is typically used in similar studies. Moreover it is shown that in the treatments where the dominant strategy is not “focal” dynamics are important with average subject decisions initially corresponding to the “focal” outcome and then adjusting towards the Nash prediction. Overall, 66.7% of subjects are consistent with Payoff Maximization, 27.8% are consistent with an alternate preference maximization and 5.6% are random.

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Paper provided by McMaster University in its series McMaster Experimental Economics Laboratory Publications with number 2002-01.

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Length: 26 pages
Date of creation: Jan 2002
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Handle: RePEc:mcm:mceelp:2002-01

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C29 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Other
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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