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The invisible hand: Experiments on strategy selection in population games

Author

Listed:
  • Berninghaus, Siegfried K.

    (Universität Karlsruhe)

  • Ehrhart, Karl-Martin

    (Universitaet Karlsruhe)

  • Keser, Claudia

    (Institut für Statistik und Mathematische Wirtschaftstheorie)

Abstract

In an experimental evolutionary game framework we investigate whether subjects end up in a socially efficient state. We examine two games, a game where the socially efficient state is also an equilibrium and a game which has no equilibrium in pure strategies at all. Furthermore, we distinguish between a situation in which the subjects are completely informed about the payoff function and a situation in which they are incompletely informed. We observe that subjects spend the greater part of the time at or near the efficient state. If the efficient state is an equilibrium, they spend more time there than otherwise. Furthermore, incomplete information increases the time spent at the efficient state.

Suggested Citation

  • Berninghaus, Siegfried K. & Ehrhart, Karl-Martin & Keser, Claudia, 1997. "The invisible hand: Experiments on strategy selection in population games," Sonderforschungsbereich 504 Publications 97-40, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    • Handle: RePEc:xrs:sfbmaa:97-40
    Note: We are grateful to Madjid Amir for stimulating discussions. Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
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