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Stochastic Game Theory: For Playing Games, Not Just for Doing Theory

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Author Info

  • Charles A. Holt

    ()

  • Jacob K. Goeree

    ()

Abstract

Recent theoretical advances have dramatically increased the relevance of game theory for predicting human behavior in interactive situation. By relaxing the assumptions of perfect rationality and perfect foresight, we obtain much improved explanations of (i) initial decisions (ii)dynamic patterns of learning and adjustment, and (iii) equilibrium steady-state distributions.

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File URL: http://www.virginia.edu/economics/RePEc/vir/virpap/papers/virpap306.pdf
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Bibliographic Info

Paper provided by University of Virginia, Department of Economics in its series Virginia Economics Online Papers with number 306.

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Length: 16 pages
Date of creation: Mar 1999
Date of revision:
Handle: RePEc:vir:virpap:306

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Web page: http://www.virginia.edu/economics/home.html

Related research

Keywords: experiments; stochastic game theory; bounded rationality; quantal response equilibrium; introspection; learning; evolution;

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References

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  1. Goeree, Jacob K. & Holt, Charles A., 2005. "An experimental study of costly coordination," Games and Economic Behavior, Elsevier, vol. 51(2), pages 349-364, May.
  2. C. Monica Capra, 1999. "Anomalous Behavior in a Traveler's Dilemma?," American Economic Review, American Economic Association, vol. 89(3), pages 678-690, June.
  3. Drew Fudenberg & David K. Levine, 1998. "Learning in Games," Levine's Working Paper Archive 2222, David K. Levine.
  4. C. Monica Capra & Jacob K. Goeree & Rosario Gomez & Charles A. Holt, 2000. "Learning and Noisy Equilibrium Behavior in an Experimental Study of Imperfect Price Competition," Virginia Economics Online Papers 336, University of Virginia, Department of Economics.
  5. Goeree, Jacob K. & Holt, Charles A., 2004. "A model of noisy introspection," Games and Economic Behavior, Elsevier, vol. 46(2), pages 365-382, February.
  6. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, January.
  7. Jacob K. Goeree & Charles A. Holt, 2000. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," Virginia Economics Online Papers 333, University of Virginia, Department of Economics.
  8. Selten, Reinhard & Joachim Buchta, 1994. "Experimental Sealed Bid First Price Auctions with Directly Observed Bid Functions," Discussion Paper Serie B 270, University of Bonn, Germany.
  9. McKelvey, Richard D. & Palfrey, Thomas R. & Weber, Roberto A., 2000. "The effects of payoff magnitude and heterogeneity on behavior in 2 x 2 games with unique mixed strategy equilibria," Journal of Economic Behavior & Organization, Elsevier, vol. 42(4), pages 523-548, August.
  10. Simon P. Anderson & Jacob K. Goeree & Charles A. Holt, 1999. "Stochastic Game Theory: Adjustment to Equilibrium Under Noisy Directional Learning," Virginia Economics Online Papers 327, University of Virginia, Department of Economics.
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