Social Conformity And Bounded Rationality In Arbitrary Games With Incomplete Information : Some First Results
AbstractIt has been frequently observed, in both economics and psychology, that individuals tend to conform to the choices of other individuals with whom they identify. Can such conformity be consistent with self interested behaviour? To address this question we use the framework of games with incomplete information. For a given game we first put a lower bound on * so that there exists a Nash *-equilibrium in pure strategies consistent with conformity. We also introduce a new concept of conformity that allows players to conform and yet perform different actions. This is achieved by the endogeneous assignment of roles to players and by allowing actions to be conditional on roles. We conclude by relating our research to some experimental literature.
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 672.
Length: 31 pages
Date of creation: 2003
Date of revision:
Other versions of this item:
- Edward Cartwright & Myrna Wooders, 2003. "Social Conformity and Bounded Rationality in Arbitrary Games with Incomplete Information: Some First Results," Working Papers 2003.119, Fondazione Eni Enrico Mattei.
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
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