Equilibrium selection in similar repeated games: Experimental evidence on the role of precedents

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: WZB Discussion Paper ; No. SP II 2015-202

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Noncooperative Games ; Stochastic and Dynamic Games; Evolutionary Games; Repeated Games ; Design of Experiments: Laboratory, Group Behavior ; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
• Thema: Equilibrium Selection ; Precedent ; Beliefs ; Stag Hunt ; Prisoner's Dilemma ; Repeated Games ; Experimental Economics

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Duffy, John ; Fehr, Dietmar
• Ereignis: Veröffentlichung
• (wer): Wissenschaftszentrum Berlin für Sozialforschung (WZB)
• (wo): Berlin
• (wann): 2015

Weitere Informationen

• Handle: http://hdl.handle.net/10419/107131
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ