The Consistency Axiom - An Experimental Study -
If a strict equilibrium is suggested as the solution of a strategic game in normal form and if some but not all players are committed to their solution strategy, a reduced game results with only the still non-committed as active players. The reduced game property (or consistency axiom) demands that the solution of the reduced game is given by the original solution strategies of its active players. However, postulating the reduced game property is asking for too much: consistent equilibrium selection in general is not possible if certain other requirements (existence and optimality) are granted (Norde et al., 1996). Does the reduced game property have at least some behavioral appeal? We test this experimentally by confronting players with a solution proposal before letting them decide both for the original game and for its reduced games.
|Date of creation:||Apr 2004|
|Date of revision:|
|Contact details of provider:|| Postal: Kahlaische Strasse 10, D-07745 Jena|
Phone: +49-3641-68 65
Fax: +49-3641-68 69 90
Web page: http://www.econ.mpg.de/
More information through EDIRC
|Order Information:|| Web: http://www.econ.mpg.de/english/research/ESI/discuss.php Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Norde, H.W. & Potters, J.A.M. & Reijnierse, J.H. & Vermeulen, D., 1996.
"Equilibrium selection and consistency,"
Other publications TiSEM
a5c0103f-677a-4352-8bd1-7, Tilburg University, School of Economics and Management.
- Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
When requesting a correction, please mention this item's handle: RePEc:esi:discus:2004-25. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Karin Richter)
If references are entirely missing, you can add them using this form.