Mixed Strategies in Games with Ambiguity Averse Agents

Evan Calford

MPRA Paper from University Library of Munich, Germany

Abstract: In normal form games, when agents exhibit ambiguity aversion the exclusion of mixed strategies from agents' choice sets can enlarge the set of equilibria. While it is possible, in a game theoretic experiment, to enforce pure strategy reporting it is not possible to prevent subjects from mixing before reporting a pure strategy. This short paper establishes conditions under which the set of equilibrium in a game with ambiguity averse agents and pure strategy reporting is invariant to the existence of pre-play mixing devices. This result is crucial for the interpretation of recent experimental work on the role of ambiguity aversion in normal form games.

Keywords: Ambiguity Aversion; Mixed Strategies; Game Theory; Experimental Economics (search for similar items in EconPapers)
JEL-codes: C72 C92 D03 D81 (search for similar items in EconPapers)
Date: 2016-10-31
New Economics Papers: this item is included in nep-cbe, nep-exp, nep-gth, nep-hpe, nep-mic and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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