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Little Information, Efficiency, and Learning - An Experimental Study

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  • Atanasios Mitropoulos

Abstract

Earlier experiments have shown that under little information subjects are hardly able to coordinate even though there are no conflicting interests and subjects are organised in fixed pairs. This is so, even though a simple adjustment process would lead the subjects into the efficient, fair and individually payoff maximising outcome. We draw on this finding and design an experiment in which subjects re-peatedly play 4 simple games within 4 sets of 40 rounds under little information. This way we are able to investigate (i) the coordination abilities of the subjects depending on the underlying game, (ii) the resulting efficiency loss, and (iii) the adjustment of the learning rule.

Suggested Citation

  • Atanasios Mitropoulos, 2001. "Little Information, Efficiency, and Learning - An Experimental Study," Game Theory and Information 0110002, EconWPA.
  • Handle: RePEc:wpa:wuwpga:0110002
    Note: Type of Document - Acrobat PDF; prepared on IBM PC - MS-Word; to print on HP A4-Size; pages: 49; figures: included
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    References listed on IDEAS

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    Cited by:

    1. Mitropoulos, Atanasios, 2003. "An experiment on the value of structural information in a 2 x 2 repeated game," Economics Letters, Elsevier, vol. 78(1), pages 27-32, January.
    2. Atanasios Mitropoulos, 2001. "On the Measurement of the Predictive Success of Learning Theories in Repeated Games," Experimental 0110001, EconWPA.

    More about this item

    Keywords

    mutual fate control; matching pennies; fate-control behaviour- control; learning; coordination; little information;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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