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Equilibrium selection in similar repeated games: experimental evidence on the role of precedents
[working paper]
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Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract We report on an experiment examining behavior and equilibrium selection in two similar, infinitely repeated games, Stag Hunt and Prisoner's Dilemma under anonymous random matching. We are interested in the role that precedents may play for equilibrium selection between these two stage game forms. We... view more
We report on an experiment examining behavior and equilibrium selection in two similar, infinitely repeated games, Stag Hunt and Prisoner's Dilemma under anonymous random matching. We are interested in the role that precedents may play for equilibrium selection between these two stage game forms. We find that a precedent for efficient play in the repeated Stag Hunt game does not carry over to the repeated Prisoner's Dilemma game despite the possibility of efficient play in the latter game. Similarly, a precedent of inefficient play in the Prisoner's Dilemma game does not extend to the repeated Stag Hunt game. We conclude that equilibrium selection between similar repeated games has little to do with historical precedents and is mainly determined by strategic considerations associated with the different payouts of these similar repeated games. (author's abstract)... view less
Keywords
experiment; behavior; equilibrium; faith; playing
Classification
Social Psychology
Free Keywords
Hirschjagd
Document language
English
Publication Year
2015
City
Berlin
Page/Pages
36 p.
Series
Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Abteilung Verhalten auf Märkten, SP II 2015-202
Handle
https://hdl.handle.net/10419/107131
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications