An Experiment on the Value of Structural Information in a 2x2 Repeated Game
AbstractIn experimental studies pairs that repeatedly play the simple coordination game mutual fate control may regularly fail to coordinate when they are given little in-formation, i.e. when subjects are uninformed about the payoff matrix and feed-back is limited to their own payoff. Our experimental study shows that the provision of a small amount of structural information prior to playing the game changes subject behaviour and significantly improves performance, even though standard adaptive learning rules do not take such information into account and optimal adaptive rules do not differ much between the two treatments. Our study calls for a more intense investigation into the cognitive processing of information.
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Bibliographic InfoPaper provided by EconWPA in its series Game Theory and Information with number 0202002.
Length: 11 pages
Date of creation: 04 Feb 2002
Date of revision:
Note: Type of Document - MS Word 2000; prepared on IBM PC; to print on HP; pages: 11; figures: 5 tables included
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repeated games; experiments; information; coordination;
Other versions of this item:
- Mitropoulos, Atanasios, 2003. "An experiment on the value of structural information in a 2 x 2 repeated game," Economics Letters, Elsevier, vol. 78(1), pages 27-32, January.
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-02-10 (All new papers)
- NEP-GTH-2002-02-15 (Game Theory)
- NEP-PKE-2002-02-15 (Post Keynesian Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Nick Feltovich, 2000. "Reinforcement-Based vs. Belief-Based Learning Models in Experimental Asymmetric-Information," Econometrica, Econometric Society, vol. 68(3), pages 605-642, May.
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- Mitropoulos, Atanasios, 2001. "Learning under minimal information: An experiment on mutual fate control," Journal of Economic Psychology, Elsevier, vol. 22(4), pages 523-557, August.
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