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Behavioral Game Theory Experiments and Modeling

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  • Camerer, Colin F.
  • Ho, Teck-Hua

Abstract

This chapter reviews recent experimental data testing game theory and behavioral models that have been inspired to explain those data. The models fall into four groups: in cognitive hierarchy or level-k models, the assumption of equilibrium is relaxed by assuming agents have beliefs about other agents who do less reasoning (i.e., some are non-strategic, and others are more strategic and understand they are playing non-strategic players). A different approach, quantal response equilibrium, retains equilibrium expectations but adds stochastic response (of which players are aware). Learning theories explain choices in games played repeatedly as a result of past actions and payoffs that were received (as in classical reinforcement) or foregone payoffs (model-directed learning). Finally, many studies reject the joint hypothesis of equilibrium expectations and optimization, along with self-interest in valuing outcomes. Social preference models have emerged to explain these data, capturing concepts like inequity-aversion, reciprocity, and social image.

Suggested Citation

  • Camerer, Colin F. & Ho, Teck-Hua, 2015. "Behavioral Game Theory Experiments and Modeling," Handbook of Game Theory with Economic Applications, Elsevier.
  • Handle: RePEc:eee:gamchp:v:4:y:2015:i:c:p:517-573
    DOI: 10.1016/B978-0-444-53766-9.00010-0
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    Cited by:

    1. Fabrizio Germano & Peio Zuazo-Garin, 2017. "Bounded rationality and correlated equilibria," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(3), pages 595-629, August.
    2. Olga Gorelkina, 2015. "The Expected Externality Mechanism in a Level-k Environment," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2015_03, Max Planck Institute for Research on Collective Goods.
    3. repec:eee:touman:v:63:y:2017:i:c:p:100-114 is not listed on IDEAS

    More about this item

    Keywords

    Behavioral game theory; Cognitive hierarchy; Level-k; Learning; Nonequilibrium; Bounded rationality;

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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