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Stationary Concepts for Experimental 2 X 2 Games: Reply

Author

Listed:
  • Reinhard Selten
  • Thorsten Chmura
  • Sebastian J. Goerg

Abstract

This is a reply to "Stationary Concepts for Experimental 2 X 2 Games: Comment" by Brunner, Camerer, and Goeree which corrects some computational errors in Selten and Chmura (2008) and extends the comparison of five stationary concepts to data from previous experimental studies. We critically discuss their new findings and relate them to the data of Selten and Chmura (2008). We conclude that the parametric concepts of action-sampling equilibrium and payoff-sampling equilibrium perform better than quantal response equilibrium, and that the non-parametric concept of impulse-balance equilibrium performs at least as well as quantal response equilibrium. (JEL C70)

Suggested Citation

  • Reinhard Selten & Thorsten Chmura & Sebastian J. Goerg, 2011. "Stationary Concepts for Experimental 2 X 2 Games: Reply," American Economic Review, American Economic Association, vol. 101(2), pages 1041-1044, April.
    • Handle: RePEc:aea:aecrev:v:101:y:2011:i:2:p:1041-44
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    References listed on IDEAS

    as
    1. Neugebauer, Tibor & Selten, Reinhard, 2006. "Individual behavior of first-price auctions: The importance of information feedback in computerized experimental markets," Games and Economic Behavior, Elsevier, vol. 54(1), pages 183-204, January.
    2. Reinhard Selten & Klaus Abbink & Ricarda Cox, 2005. "Learning Direction Theory and the Winner’s Curse," Experimental Economics, Springer;Economic Science Association, vol. 8(1), pages 5-20, April.
    3. Reinhard Selten & Klaus Abbink & Ricarda Cox, 2005. "Learning Direction Theory and the Winner’s Curse," Experimental Economics, Springer;Economic Science Association, vol. 8(1), pages 5-20, April.
    4. Goeree, Jacob K. & Holt, Charles A. & Palfrey, Thomas R., 2003. "Risk averse behavior in generalized matching pennies games," Games and Economic Behavior, Elsevier, vol. 45(1), pages 97-113, October.
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    Citations

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    Cited by:

    1. Siegfried K. Berninghaus & Thomas Neumann & Bodo Vogt, 2014. "Learning in Networks—An Experimental Study Using Stationary Concepts," Games, MDPI, vol. 5(3), pages 1-20, July.
    2. Benndorf, Volker & Martínez-Martínez, Ismael, 2017. "Perturbed best response dynamics in a hawk–dove game," Economics Letters, Elsevier, vol. 153(C), pages 61-64.
    3. Ronald M. Harstad & Reinhard Selten, 2013. "Bounded-Rationality Models: Tasks to Become Intellectually Competitive," Journal of Economic Literature, American Economic Association, vol. 51(2), pages 496-511, June.
    4. Crawford, VP, 2014. "Boundedly rational versus optimization-based models of strategic thinking and learning in games," University of California at San Diego, Economics Working Paper Series qt04h694rz, Department of Economics, UC San Diego.
    5. Chloé Coq & Henrik Orzen & Sebastian Schwenen, 2017. "Pricing and capacity provision in electricity markets: an experimental study," Journal of Regulatory Economics, Springer, vol. 51(2), pages 123-158, April.
    6. Chmura, Thorsten & Goerg, Sebastian J. & Selten, Reinhard, 2012. "Learning in experimental 2×2 games," Games and Economic Behavior, Elsevier, vol. 76(1), pages 44-73.
    7. Philipp Külpmann & Christoph Kuzmics, 2019. "On the Predictive Power of Theories of One-Shot Play," Graz Economics Papers 2019-09, University of Graz, Department of Economics.
    8. Ockenfels, Axel & Selten, Reinhard, 2014. "Impulse balance in the newsvendor game," Games and Economic Behavior, Elsevier, vol. 86(C), pages 237-247.
    9. Vincent P. Crawford, 2013. "Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games," Journal of Economic Literature, American Economic Association, vol. 51(2), pages 512-527, June.
    10. Thorsten Chmura & Werner Güth, 2011. "The Minority of Three-Game: An Experimental and Theoretical Analysis," Games, MDPI, vol. 2(3), pages 1-22, September.
    11. Külpmann, Philipp & Kuzmics, Christoph, 2022. "Comparing theories of one-shot play out of treatment," Journal of Economic Theory, Elsevier, vol. 205(C).
    12. Daniele Nosenzo & Theo Offerman & Martin Sefton & Ailko van der Veen, 2010. "Inducing Good Behavior: Bonuses versus Fines in Inspection Games," Discussion Papers 2010-21, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    13. Kirman, Alan P. & Laisney, François & Pezanis-Christou, Paul, 2018. "Exploration vs exploitation, impulse balance equilibrium, and a specification test for the El Farol bar problem," ZEW Discussion Papers 18-038, ZEW - Leibniz Centre for European Economic Research.
    14. Daniele Nosenzo & Theo Offerman & Martin Sefton & Ailko van der Veen, 2010. "Inducing Good Behavior: Bonuses versus Fines in Inspection Games," Discussion Papers 2010-21, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.

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    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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