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Reanalyzing Ultimatum Bargaining--Comparing Nondecreasing Curves without Shape Constraints

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  • Fong, Duncan K H, et al

Abstract

We employ a hierarchical Bayesian method with exchangeable prior distributions to estimate and compare similar nondecreasing response curves. A Dirichlet process distribution is assigned to each of the response curves as a first stage prior. A second stage prior is then used to model the hyperparameters. We define parameters which will be used to compare the response curves. A Markov chain Monte Carlo method is applied to compute the resulting Bayesian estimates. To illustrate the methodology, we re-examine data from an experiment designed to test whether experimenter observation influences the ultimatum game. A major restriction of the original analysis was the shape constraint that the present technique allows us to greatly relax. We also consider independent priors and use Bayes factors to compare various models.

Suggested Citation

  • Fong, Duncan K H, et al, 2002. "Reanalyzing Ultimatum Bargaining--Comparing Nondecreasing Curves without Shape Constraints," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(3), pages 423-430, July.
    • Handle: RePEc:bes:jnlbes:v:20:y:2002:i:3:p:423-30
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    Cited by:

    1. E Stavrulaki & D K H Fong & D K J Lin, 2003. "Two-resource stochastic capacity planning employing a Bayesian methodology," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 54(11), pages 1198-1208, November.
    2. Bolton, Gary E., 2002. "Game theory's role in role-playing," International Journal of Forecasting, Elsevier, vol. 18(3), pages 353-358.
    3. Gary Bolton & Duncan Fong & Paul Mosquin, 2003. "Bayes Factors with an Application to Experimental Economics," Experimental Economics, Springer;Economic Science Association, vol. 6(3), pages 311-325, November.

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