Stationary Concepts for Experimental 2 X 2 Games: Reply

Reinhard Selten, Thorsten Chmura () and Sebastian Goerg

American Economic Review, 2011, vol. 101, issue 2, 1041-44

Abstract: This is a reply to "Stationary Concepts for Experimental 2 X 2 Games: Comment" by Brunner, Camerer, and Goeree which corrects some computational errors in Selten and Chmura (2008) and extends the comparison of five stationary concepts to data from previous experimental studies. We critically discuss their new findings and relate them to the data of Selten and Chmura (2008). We conclude that the parametric concepts of action-sampling equilibrium and payoff-sampling equilibrium perform better than quantal response equilibrium, and that the non-parametric concept of impulse-balance equilibrium performs at least as well as quantal response equilibrium. (JEL C70)

Date: 2011
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