Equilibrium selection in signaling games with teams: Forward induction or faster adaptive learning?
Teams are shown to violate the most basic of equilibrium refinements in signaling games: single-round deletion of dominated strategies (part of the Cho-Kreps intuitive criteria). This is important because, to the extent that teams can be easily induced to violate the most basic of equilibrium refinements even under a "best case" scenario (teams that rapidly develop strategic play in games of this sort), it implies that one must rely on learning models, and past empirical research with these models, when predicting equilibrium outcomes.
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- Cho, In-Koo & Kreps, David M, 1987.
"Signaling Games and Stable Equilibria,"
The Quarterly Journal of Economics,
MIT Press, vol. 102(2), pages 179-221, May.
- Marco Casari & John C. Ham & John H. Kagel, 2005.
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213, Federal Reserve Bank of New York.
- Marco Casari & John C. Ham & John H. Kagel, 2007. "Selection Bias, Demographic Effects, and Ability Effects in Common Value Auction Experiments," American Economic Review, American Economic Association, vol. 97(4), pages 1278-1304, September.
- Brandts, Jordi & Holt, Charles A, 1993. "Adjustment Patterns and Equilibrium Selection in Experimental Signaling Games," International Journal of Game Theory, Springer, vol. 22(3), pages 279-302.
- Cooper, David J & Garvin, Susan & Kagel, John H, 1997. "Adaptive Learning vs. Equilibrium Refinements in an Entry Limit Pricing Game," Economic Journal, Royal Economic Society, vol. 107(442), pages 553-75, May.
- Miller, Ross M. & Plott, Charles R., .
"Product Quality Signaling in Experimental Markets,"
447, California Institute of Technology, Division of the Humanities and Social Sciences.
- Brandts, Jordi & Holt, Charles A, 1992. "An Experimental Test of Equilibrium Dominance in Signaling Games," American Economic Review, American Economic Association, vol. 82(5), pages 1350-65, December.
- David J. Cooper & John H. Kagel, 2005. "Are Two Heads Better Than One? Team versus Individual Play in Signaling Games," American Economic Review, American Economic Association, vol. 95(3), pages 477-509, June.
- Milgrom, Paul & Roberts, John, 1982.
"Limit Pricing and Entry under Incomplete Information: An Equilibrium Analysis,"
Econometric Society, vol. 50(2), pages 443-59, March.
- Paul Milgrom & John Roberts, 1998. "Limit Pricing and Entry Under Incomplete Information: An Equilibrium Analysis," Levine's Working Paper Archive 245, David K. Levine.
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