A unified approach to comparative statics puzzles in experiments

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A unified approach to comparative statics puzzles in experiments

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Armin Schmutzler () (Socioeconomic Institute, University of Zurich)

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Armin Schmutzler

Abstract

Many experimental studies implement two versions of one game for which agents’ behavior is fundamentally different even though the Nash prediction is the same. This paper provides a novel explanation of such findings. Starting from the observation that many of the games under consideration satisfy the strategic-complementarity property, I obtain predictions for the direction of adjustment in response to parameter changes which do not require calculation of the equilibrium. I show that these predictions explain the experimental evidence very well. Further, I provide a behavioral justification of the approach, and I explore the relation to alternative explanations based on equilibrium selection theories and the quantal response equilibrium.

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Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number 0601.

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Length: 31 pages
Date of creation: Feb 2006
Date of revision: Nov 2008
Handle: RePEc:soz:wpaper:0601

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Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

This paper has been announced in the following NEP Reports:

NEP-ALL-2006-02-12 (All new papers)
NEP-EXP-2006-02-12 (Experimental Economics)

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