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

Giovanna Devetag and Sibilla Di Guida

No 1007, DISA Working Papers from Department of Computer and Management Sciences, University of Trento, Italy

Abstract: In this paper we test the effect of descriptive "features" on initial strategic behavior in normal form games, where "descriptive" are all those features that can be modified without altering the (Nash) equilibrium structure of a game. We observe that our experimental subjects behave according to some simple heuristics based on descriptive features, and that these heuristics are stable even across strategically different games. This suggests that a categorization of games based on features may be more accurate in predicting agents' initial behavior than the standard categorization based on Nash equilibria, as shown by the analysis of individual behavior. Analysis of choice patterns and individual response times suggests that non-equilibrium choices may be due to the use of incorrect and simplified mental representations of the game structure, rather than to beliefs in other players' irrationality. Of the four stationary concepts analyzed (Nash equilibrium, QRE, action sampling, and payoff sampling), QRE results the best in fitting the data.

Keywords: normal form games; one-shot games; response times; dominance; similarity; categorization; focal points (search for similar items in EconPapers)
JEL-codes: C72 C91 C92 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2010-11, Revised 2010-11-03
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp and nep-gth
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Working Paper: Feature-based Choice and Similarity in Normal-form Games: An Experimental Study (2010)
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