Feature-based Choice and Similarity in Normal-form Games: An Experimental Study

Giovanna Devetag and Sibilla Di Guida

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: In this paper, we test the effect of descriptive "features" on initial strategic behavior in normal form games, where the term "descriptive" indicates all those features which can be modified without altering the (Nash) equilibrium structure of a game. Our experimental subjects behaved according to some simple heuristics based on descriptive features, and we observed that these heuristics were stable even across strategically different games. These findings indicate the need to incorporate descriptive features into models describing strategic sophistication in normal form games. Analysis of choice patterns and individual behavior indicates that non-equilibrium choices may derive from incorrect and simplified mental representations of the game structure, rather than from beliefs in other players' irrationality. We suggest how level-k and cognitive hierarchy models might be extended to account for heuristic-based and feature-based behavior.

Keywords: normal form games; one-shot games; response times; dominance; similarity; categorization; focal points; individual behavior (search for similar items in EconPapers)
JEL-codes: C72 C91 C92 (search for similar items in EconPapers)
Date: 2010-10-09
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp and nep-gth
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2010/18

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