Team vs. Individual, Hypothesis Testing vs. Model Selection, and the Minimax Model

Yoshitaka Okano

No SDES-2017-18, Working Papers from Kochi University of Technology, School of Economics and Management

Abstract: We report results of an experiment comparing team and individual behavior in a two-player zero-sum game, and assess the predictive power of the minimax model. Based on hypothesis testing, the play of teams is consistent with the minimax hypothesis in the first half of the experiment, but the play of teams in the second half, and that of individuals in both halves are not. Based on model selection, the aggregated behavior of teams in the first half is best fitted by a belief-based learning model, whereas that of teams in the second half and that of individuals in both halves are best fitted by the minimax model. At the decision-maker level, the minimax model is best for about half of the teams and individuals.

Keywords: Minimax; team decision-making; model selection; learning (search for similar items in EconPapers)
JEL-codes: C72 C92 (search for similar items in EconPapers)
Pages: 83 pages
Date: 2017-10, Revised 2017-10
New Economics Papers: this item is included in nep-cdm, nep-exp and nep-gth
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Published in SDE Series, October 2017, pages 1-83

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Persistent link: https://EconPapers.repec.org/RePEc:kch:wpaper:sdes-2017-18

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