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Drift and equilibrium selection with human and computer players

Author

Listed:
  • Roberto Ricciuti

    (University of Florence)

  • Alessandro Innocenti

    (University of Siena)

  • Mauro Caminati

    (University of Siena)

Abstract

The theory of drift (Binmore and Samuelson 1999) concerns equilibrium selection in which second-order disturbances may have first-order effects in the emergence of one equilibrium over the other. We provided experimental evidence with human players supporting the model in Caminati, Innocenti and Ricciuti (2006). In this paper we test it with conditioning by computer players. When computers are removed and humans are matched against each other, the comparative static properties of the model are confirmed.

Suggested Citation

  • Roberto Ricciuti & Alessandro Innocenti & Mauro Caminati, 2008. "Drift and equilibrium selection with human and computer players," Economics Bulletin, AccessEcon, vol. 3(19), pages 1-7.
    • Handle: RePEc:ebl:ecbull:eb-08c70009
    as

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    References listed on IDEAS

    as
    1. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-1071, September.
    2. Ken Binmore & Larry Samuelson, 1999. "Evolutionary Drift and Equilibrium Selection," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(2), pages 363-393.
    3. Roth, Alvin E & Schoumaker, Francoise, 1983. "Expectations and Reputations in Bargaining: An Experimental Study," American Economic Review, American Economic Association, vol. 73(3), pages 362-372, June.
    4. Caminati, Mauro & Innocenti, Alessandro & Ricciuti, Roberto, 2006. "Drift effect under timing without observability: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 61(3), pages 393-414, November.
    5. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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