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Recommended Play and Correlated Equilibria: An Experimental Study

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Author Info
Cason, Timothy N.
Sharma, Tridib

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Abstract

This study reports a laboratory experiment wherein subjects play a hawk-dove game. We try to implement a correlated equilibrium with payoffs outside the convex hull of Nash equilibrium payoffs by privately recommending play. We find that subjects are reluctant to follow certain recommendations. We are able to implement this correlated equilibrium, however, when subjects play against robots that always follow recommendations, including in a control treatment in which human subjects receive the robot "earnings." This indicates that the lack of mutual knowledge of conjectures, rather than social preferences, explains subjects' failure to play the suggested correlated equilibrium when facing other human players.

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Paper provided by Purdue University, Department of Economics in its series Purdue University Economics Working Papers with number 1191.

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Length: 30 pages
Date of creation: Aug 2006
Date of revision:
Handle: RePEc:pur:prukra:1191

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Related research
Keywords: Game Theory ; Experiments ; Coordination ; Common Knowledge;

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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  15. Brandenburger Adam & Dekel Eddie, 1993. "Hierarchies of Beliefs and Common Knowledge," Journal of Economic Theory, Elsevier, vol. 59(1), pages 189-198, February. [Downloadable!] (restricted)
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