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Market Entry Prediction Competition 2010

Author

Listed:
  • Wasilios Hariskos

    () (Center for Empirical Research in Economic and Behavioral Sciences (CEREB), University of Erfurt, 99089 Erfurt, Germany)

  • Johannes Leder

    () (Center for Empirical Research in Economic and Behavioral Sciences (CEREB), University of Erfurt, 99089 Erfurt, Germany)

  • Kinneret Teodorescu

    () (The Technion–Israel Institute of Technology, Haifa 32000, Israel)

Abstract

We submitted three models to the competition which were based on the I-SAW model. The models introduced four new assumptions. In the first model an adjustment process was introduced through which the tendency for exploration was higher at the beginning and decreased over time in the exploration stage. Another new assumption was that surprise as a factor influencing the weight of a trial in the sampling procedure was added. In the second model we added the possibility of an exclusion of unreliable experiences gained in the early trials of a game and the possibility of a revision of a reasonable alternative which was responsible for a very bad outcome in the previous trial. Three of the four added assumptions were combined in the third model. Because each of our models contains at least two new assumptions, we estimated the relative effect of each assumption on the estimation and prediction scores and carried out a test of robustness. In this way, we were able to clarify the usefulness of each added assumption.

Suggested Citation

  • Wasilios Hariskos & Johannes Leder & Kinneret Teodorescu, 2011. "Market Entry Prediction Competition 2010," Games, MDPI, Open Access Journal, vol. 2(2), pages 1-9, April.
  • Handle: RePEc:gam:jgames:v:2:y:2011:i:2:p:200-208:d:12020
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    References listed on IDEAS

    as
    1. Pavlo Blavatsky, 2003. "Note on "Small Feedback-based Decisions and Their Limited Correspondence to Description-based Decisions"," CERGE-EI Working Papers wp218, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    learning; experience; I-SAW Model; market entry game;

    JEL classification:

    • C - Mathematical and Quantitative Methods
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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