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Drift and Equilibrium Selection with Human and Computer Players

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  • Mauro Caminati

    ()

  • Alessandro Innocenti

    ()

  • Roberto Ricciuti

    ()

Abstract

The theory of drift (Binmore and Samuelson 1999) concerns equilibrium selection in which second order disturbances may have first-order effects in the emergence of one equilibrium over the other. We provided experimental evidence with human players supporting the model in Caminati, Innocenti and Ricciuti (2006). In this paper we test it with conditioning by computer players. When computers are removed and humans are matched against each other, the comparative static properties of the model are confirmed.

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Paper provided by University of Siena in its series Labsi Experimental Economics Laboratory University of Siena with number 012.

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Date of creation: Apr 2007
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Handle: RePEc:usi:labsit:012

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Keywords: drift; equilibrium selection; evolutionary games; experiments.;

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  1. Binmore, K. & Samuelson, L., 1997. "Evolutionary Drift and Equilibrium Selection," Working papers 9729r, Wisconsin Madison - Social Systems.
  2. Caminati, Mauro & Innocenti, Alessandro & Ricciuti, Roberto, 2006. "Drift effect under timing without observability: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 61(3), pages 393-414, November.
  3. M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
  4. Binmore, Ken & Samuelson, Larry, 1999. "Evolutionary Drift and Equilibrium Selection," Review of Economic Studies, Wiley Blackwell, vol. 66(2), pages 363-93, April.
  5. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September.
  6. Roth, Alvin E & Schoumaker, Francoise, 1983. "Expectations and Reputations in Bargaining: An Experimental Study," American Economic Review, American Economic Association, vol. 73(3), pages 362-72, June.
  7. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  8. Binmore, Ken, et al, 1993. "Focal Points and Bargaining," International Journal of Game Theory, Springer, vol. 22(4), pages 381-409.
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