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Continuous-Time Strategy Selection in Linear Population Games

  • Siegfried Berninghaus
  • Karl-Martin Ehrhart
  • Claudia Keser
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    In an experimental evolutionary game framework we investigate whether subjects end up in a socially efficient state. We examine two games, a game where the socially efficient state is also an equilibrium and a game which has no equilibrium in pure strategies at all. Furthermore, we distinguish between a situation in which the subjects are completely informed about the payoff function and a situation in which they are incompletely informed. We observe that subjects spend the greater part of the time at or near the efficient state. If the efficient state is an equilibrium, they spend more time there than otherwise. Furthermore, incomplete information increases the time spent at the efficient state. Copyright Kluwer Academic Publishers 1999

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    File URL: http://hdl.handle.net/10.1023/A:1009977715310
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    Article provided by Springer in its journal Experimental Economics.

    Volume (Year): 2 (1999)
    Issue (Month): 1 (August)
    Pages: 41-57

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    Handle: RePEc:kap:expeco:v:2:y:1999:i:1:p:41-57
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    1. E. Kalai & E. Lehrer, 2010. "Rational Learning Leads to Nash Equilibrium," Levine's Working Paper Archive 529, David K. Levine.
    2. Carlson, John A & McAfee, R Preston, 1983. "Discrete Equilibrium Price Dispersion," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 480-93, June.
    3. Berninghaus, Siegfried K. & Ehrhart, Karl-Martin, 1998. "Time horizon and equilibrium selection in tacit coordination games: Experimental results," Journal of Economic Behavior & Organization, Elsevier, vol. 37(2), pages 231-248, October.
    4. Berninghaus, Siegfried, 1984. "A general existence theorem for equilibrium price dispersions," Information Economics and Policy, Elsevier, vol. 1(3), pages 239-266.
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