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Experimental Tests of a Sequential Equilibrium Reputation Model

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  • Camerer, Colin
  • Weigelt, Keith

Abstract

The authors find that subjects' behavior in an incomplete-information, repeated-game experiment is roughly a sequent ial equilibrium. The deviations from sequential equilibrium can be ex plained by the existence of a "homemade prior" probability (about 1 7 percent) that players will cooperate even when they should not. The authors conclude that equilibrium concepts which are more complicate d than Nash (such as sequential) can describe individual behavior wel l enough that theories using such equilibrium concepts are plausible. Copyright 1988 by The Econometric Society.

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  • Camerer, Colin & Weigelt, Keith, 1988. "Experimental Tests of a Sequential Equilibrium Reputation Model," Econometrica, Econometric Society, vol. 56(1), pages 1-36, January.
    • Handle: RePEc:ecm:emetrp:v:56:y:1988:i:1:p:1-36
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