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Adjustment Patterns and Equilibrium Selection in Experimental Signaling Games

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  • Brandts, Jordi
  • Holt, Charles A

Abstract

This paper examines the relation between adjustment patterns and equilibrium selection in laboratory experiments with two types of simple signaling games. One type of game has two Nash equilibria, of which only one is sequential. The other type has two sequential equilibria, only one of them satisfying equilibrium dominance. For each type of game, the results show that variations in the payoff structure, which do not change the equilibrium configuration, generate different adjustment patterns. As a consequence, the less refined equilibrium is more frequently observed for some payoff structures, while the more refined equilibrium is more frequently observed in others.

Suggested Citation

  • Brandts, Jordi & Holt, Charles A, 1993. "Adjustment Patterns and Equilibrium Selection in Experimental Signaling Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 22(3), pages 279-302.
  • Handle: RePEc:spr:jogath:v:22:y:1993:i:3:p:279-302
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    1. Lehrer, E, 1988. "An Axiomatization of the Banzhaf Value," International Journal of Game Theory, Springer;Game Theory Society, pages 89-99.
    2. Andrzej S. Nowak, 1997. "note: On an Axiomatization of the Banzhaf Value without the Additivity Axiom," International Journal of Game Theory, Springer;Game Theory Society, vol. 26(1), pages 137-141.
    3. Haller, Hans, 1994. "Collusion Properties of Values," International Journal of Game Theory, Springer;Game Theory Society, vol. 23(3), pages 261-281.
    4. Nowak, A.S. & Radzik, T., 1995. "On axiomatizations of the weighted Shapley values," Games and Economic Behavior, Elsevier, vol. 8(2), pages 389-405.
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    Cited by:

    1. Gautam Goswami & Martin Grace & Michael Rebello, 2008. "Experimental evidence on coverage choices and contract prices in the market for corporate insurance," Experimental Economics, Springer;Economic Science Association, vol. 11(1), pages 67-95, March.
    2. Kübler, D. & Müller, W. & Normann, H.T., 2008. "Job-market signalling and screening : An experimental study," Other publications TiSEM e60074dd-75cb-47df-965c-a, Tilburg University, School of Economics and Management.
    3. Jordi Brandts & Antonio Cabrales & Gary Charness, 2007. "Forward induction and entry deterrence: an experiment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 183-209.
    4. Drouvelis, Michalis & Müller, Wieland & Possajennikov, Alex, 2012. "Signaling without a common prior: Results on experimental equilibrium selection," Games and Economic Behavior, Elsevier, vol. 74(1), pages 102-119.
    5. Potters, Jan & van Winden, Frans, 1996. "Comparative Statics of a Signaling Game: An Experimental Study," International Journal of Game Theory, Springer;Game Theory Society, pages 329-353.
    6. Cooper, David J., 1997. "Barometric price leadership," International Journal of Industrial Organization, Elsevier, pages 301-325.
    7. de Haan, Thomas & Offerman, Theo & Sloof, Randolph, 2011. "Noisy signaling: Theory and experiment," Games and Economic Behavior, Elsevier, vol. 73(2), pages 402-428.
    8. Thomas D. Jeitschko & Hans-Theo Normann, 2009. "Signaling in Deterministic and Stochastic Settings," Royal Holloway, University of London: Discussion Papers in Economics 09/12, Department of Economics, Royal Holloway University of London.
    9. Leif Helland & Jon Hovi, 2008. "Renegotiation Proofness and Climate Agreements: Some Experimental Evidence," Nordic Journal of Political Economy, Nordic Journal of Political Economy, pages 1-2.
    10. Jacob K. Goeree & Charles A. Holt, 2001. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," American Economic Review, American Economic Association, pages 1402-1422.
    11. Michalis Drouvelis & Wieland Mueller & Alex Possajennikov, 2009. "Signaling without common prior: An experiment," Discussion Papers 2009-08, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    12. Kübler, Dorothea & Müller, Wieland & Normann, Hans-Theo, 2008. "Job-market signaling and screening: An experimental comparison," Games and Economic Behavior, Elsevier, vol. 64(1), pages 219-236, September.
    13. Richard Mckelvey & Thomas Palfrey, 1998. "Quantal Response Equilibria for Extensive Form Games," Experimental Economics, Springer;Economic Science Association, vol. 1(1), pages 9-41, June.
    14. Kawagoe, Toshiji & Takizawa, Hirokazu, 2009. "Equilibrium refinement vs. level-k analysis: An experimental study of cheap-talk games with private information," Games and Economic Behavior, Elsevier, vol. 66(1), pages 238-255, May.
    15. Jürgen Eichberger & David Kelsey, 2004. "Sequential Two-Player Games With Ambiguity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(4), pages 1229-1261, November.
    16. Mookherjee, Dilip & Sopher, Barry, 1997. "Learning and Decision Costs in Experimental Constant Sum Games," Games and Economic Behavior, Elsevier, pages 97-132.
    17. Church, Bryan K. & Peytcheva, Marietta & Yu, Wei & Singtokul, Ong-Ard, 2015. "Perspective taking in auditor–manager interactions: An experimental investigation of auditor behavior," Accounting, Organizations and Society, Elsevier, vol. 45(C), pages 40-51.
    18. Zauner, Klaus G., 1999. "A Payoff Uncertainty Explanation of Results in Experimental Centipede Games," Games and Economic Behavior, Elsevier, vol. 26(1), pages 157-185, January.
    19. Brandts, Jordi & Holt, Charles A., 1995. "Limitations of dominance and forward induction: Experimental evidence," Economics Letters, Elsevier, vol. 49(4), pages 391-395, October.
    20. Jacob K. Goeree & Charles A. Holt, 2001. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," American Economic Review, American Economic Association, pages 1402-1422.
    21. Zopiatis, A. & Savva, C.S. & Lambertides, N. & McAleer, M.J., 2017. "Tourism Stocks in Times of Crises: An Econometric Investigation of Unexpected Non-macroeconomic Factors," Econometric Institute Research Papers EI2017-15, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    22. Jeitschko, Thomas D. & Normann, Hans-Theo, 2012. "Signaling in deterministic and stochastic settings," Journal of Economic Behavior & Organization, Elsevier, vol. 82(1), pages 39-55.
    23. Cooper, David J. & Kagel, John H., 2009. "Equilibrium selection in signaling games with teams: Forward induction or faster adaptive learning?," Research in Economics, Elsevier, pages 216-224.
    24. Olivier Bos & Francisco Gomez-Martinez & Sander Onderstal & Tom Truyts, 2017. "Signaling in Auctions: Experimental Evidence," Tinbergen Institute Discussion Papers 17-053/VII, Tinbergen Institute, revised 07 Jul 2017.
    25. Theodore Turocy, 2010. "Computing sequential equilibria using agent quantal response equilibria," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 255-269.

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