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Drift and Equilibrium Selection with Human and Computer Players

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  • Mauro Caminati
  • Alessandro Innocenti
  • Roberto Ricciuti

Abstract

The theory of drift (Binmore and Samuelson 1999) concerns equilibrium selection in which second order disturbances may have first-order effects in the emergence of one equilibrium over the other. We provided experimental evidence with human players supporting the model in Caminati, Innocenti and Ricciuti (2006). In this paper we test it with conditioning by computer players. When computers are removed and humans are matched against each other, the comparative static properties of the model are confirmed.

Suggested Citation

  • Mauro Caminati & Alessandro Innocenti & Roberto Ricciuti, 2007. "Drift and Equilibrium Selection with Human and Computer Players," Labsi Experimental Economics Laboratory University of Siena 012, University of Siena.
    • Handle: RePEc:usi:labsit:012
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    References listed on IDEAS

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    1. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
    2. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January.
    3. Binmore, K. & Samuelson, L., 1995. "Evolutionary Drift and Equilibrium Selection," Working papers 9529, Wisconsin Madison - Social Systems.
    4. Binmore, Ken & Swierzbinski, Joe & Hsu, Steven & Proulx, Chris, 1993. "Focal Points and Bargaining," International Journal of Game Theory, Springer;Game Theory Society, vol. 22(4), pages 381-409.
    5. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-1071, September.
    6. Ken Binmore & Larry Samuelson, 1999. "Evolutionary Drift and Equilibrium Selection," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(2), pages 363-393.
    7. Ken Binmore & Larry Samuelson, "undated". "Evolutionary Drift And Equilibrium Selection," ELSE working papers 049, ESRC Centre on Economics Learning and Social Evolution.
    8. Caminati, Mauro & Innocenti, Alessandro & Ricciuti, Roberto, 2006. "Drift effect under timing without observability: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 61(3), pages 393-414, November.
    9. Ken Binmore & Larry Samuelson, "undated". "Evolutionary Drift and Equilibrium Selection," ELSE working papers 011, ESRC Centre on Economics Learning and Social Evolution.
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    More about this item

    Keywords

    drift; equilibrium selection; evolutionary games; experiments.;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior

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