Market Entry Prediction Competition 2010

Wasilios Hariskos, Johannes Leder and Kinneret Teodorescu
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Wasilios Hariskos: Center for Empirical Research in Economic and Behavioral Sciences (CEREB), University of Erfurt, 99089 Erfurt, Germany
Johannes Leder: Center for Empirical Research in Economic and Behavioral Sciences (CEREB), University of Erfurt, 99089 Erfurt, Germany
Kinneret Teodorescu: The Technion–Israel Institute of Technology, Haifa 32000, Israel

Games, 2011, vol. 2, issue 2, 1-9

Abstract: We submitted three models to the competition which were based on the I-SAW model. The models introduced four new assumptions. In the first model an adjustment process was introduced through which the tendency for exploration was higher at the beginning and decreased over time in the exploration stage. Another new assumption was that surprise as a factor influencing the weight of a trial in the sampling procedure was added. In the second model we added the possibility of an exclusion of unreliable experiences gained in the early trials of a game and the possibility of a revision of a reasonable alternative which was responsible for a very bad outcome in the previous trial. Three of the four added assumptions were combined in the third model. Because each of our models contains at least two new assumptions, we estimated the relative effect of each assumption on the estimation and prediction scores and carried out a test of robustness. In this way, we were able to clarify the usefulness of each added assumption.

Keywords: learning; experience; I-SAW Model; market entry game (search for similar items in EconPapers)
JEL-codes: C C7 C70 C71 C72 C73 (search for similar items in EconPapers)
Date: 2011
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