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Chicken or Checkin'? Rational Learning in Repeated Chess Games

Author

Listed:
  • Gerdes, Christer

    () (SOFI, Stockholm University)

  • Gränsmark, Patrik

    () (SOFI, Stockholm University)

  • Rosholm, Michael

    () (Aarhus University)

Abstract

We examine rational learning among expert chess players and how they update their beliefs in repeated games with the same opponent. We present a model that explains how equilibrium play is affected when players change their choice of strategy when receiving additional information from each encounter. We employ a large international panel dataset with controls for risk preferences and playing skills whereby the latter accounts for ability. Although expert chess players are intelligent, productive and equipped with adequate data and specialized computer programs, we find large learning effects. Moreover, as predicted by the model, risk-averse players learn substantially faster.

Suggested Citation

  • Gerdes, Christer & Gränsmark, Patrik & Rosholm, Michael, 2011. "Chicken or Checkin'? Rational Learning in Repeated Chess Games," IZA Discussion Papers 5862, Institute of Labor Economics (IZA).
  • Handle: RePEc:iza:izadps:dp5862
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    References listed on IDEAS

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    4. Dekel, Eddie & Fudenberg, Drew & Levine, David K., 2004. "Learning to play Bayesian games," Games and Economic Behavior, Elsevier, vol. 46(2), pages 282-303, February.
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    6. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 69(1), pages 99-118.
    7. Steven D. Levitt & John A. List & Sally E. Sadoff, 2011. "Checkmate: Exploring Backward Induction among Chess Players," American Economic Review, American Economic Association, vol. 101(2), pages 975-990, April.
    8. Cornell, Bradford & Welch, Ivo, 1996. "Culture, Information, and Screening Discrimination," Journal of Political Economy, University of Chicago Press, vol. 104(3), pages 542-571, June.
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    Cited by:

    1. Dreber, Anna & Gerdes, Christer & Gränsmark, Patrik, 2013. "Beauty queens and battling knights: Risk taking and attractiveness in chess," Journal of Economic Behavior & Organization, Elsevier, vol. 90(C), pages 1-18.

    More about this item

    Keywords

    risk aversion; rational learning; beliefs;

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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