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Myopically Forward-Looking Agents in a Network Formation Game: Theory and Experimental Evidence

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Author Info
Berninghaus, Siegfried K. () (Universität Karlsruhe)
Ehrhart, Karl-Martin () (Universitaet Karlsruhe)
Ott, Marion () (Universitaet Karlsruhe)

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Abstract

A population of players is considered in which each agent can select her neighbors in order to play a 2x2 Hawk-Dove game with each of them. We design our experiment in continuous time where participants may change their Hawk-Dove action and/or their neighborhood at any point in time. We are interested in the resulting formation of networks and the action distributions. Compared with static Nash equilibrium (e.g., Berninghaus and Vogt, 2004, 2006; Bramoulle, Lopez-Pintado, Goyal, and Vega-Redondo, 2004) and social optimum as theoretical benchmark solutions, subjects seem to employ a more complex, forward-looking thinking. We develop an other benchmark solution, called one-step-ahead stability, that combines forward-looking belief formation with rational response and that fits the data much better.

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Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 08-02.

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Length: 26 pages
Date of creation: 31 Jan 2008
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Handle: RePEc:xrs:sfbmaa:08-02

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  1. Siegfried Berninghaus & Karl-Martin Ehrhart & Claudia Keser, 1999. "Continuous-Time Strategy Selection in Linear Population Games," Experimental Economics, Springer, vol. 2(1), pages 41-57, August. [Downloadable!] (restricted)
  2. Yann Bramoullé & Dunia López-Pintado & Sanjeev Goyal & Fernando Vega-Redondo, 2004. "Network formation and anti-coordination games," International Journal of Game Theory, Springer, vol. 33(1), pages 1-19, January. [Downloadable!] (restricted)
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  3. Venkatesh Bala & Sanjeev Goyal, 2000. "A Noncooperative Model of Network Formation," Econometrica, Econometric Society, vol. 68(5), pages 1181-1230, September.
  4. Jackson, Matthew O. & Watts, Alison, 2002. "On the formation of interaction networks in social coordination games," Games and Economic Behavior, Elsevier, vol. 41(2), pages 265-291, November. [Downloadable!] (restricted)
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  5. Michael Kosfeld, 2004. "Economic Networks in the Laboratory: A Survey," Review of Network Economics, Concept Economics, vol. 3(1), pages 19-41, March. [Downloadable!]
  6. Simon, Leo K & Stinchcombe, Maxwell B, 1989. "Extensive Form Games in Continuous Time: Pure Strategies," Econometrica, Econometric Society, vol. 57(5), pages 1171-1214, September. [Downloadable!] (restricted)
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  7. Siegfried Berninghaus & Karl-Martin Ehrhart & Marion Ott, 2006. "A network experiment in continuous time: The influence of link costs," Experimental Economics, Springer, vol. 9(3), pages 237-251, September. [Downloadable!] (restricted)
  8. Berninghaus, Siegfried K. & Ehrhart, Karl-Martin, 1998. "Time horizon and equilibrium selection in tacit coordination games: Experimental results," Journal of Economic Behavior & Organization, Elsevier, vol. 37(2), pages 231-248, October. [Downloadable!] (restricted)
  9. Jackson, Matthew O. & Wolinsky, Asher, 1996. "A Strategic Model of Social and Economic Networks," Journal of Economic Theory, Elsevier, vol. 71(1), pages 44-74, October. [Downloadable!] (restricted)
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