Experimental Tests of a Sequential Equilibrium Reputation Model

Colin Camerer () and Keith Weigelt

Econometrica, 1988, vol. 56, issue 1, 1-36

Abstract: The authors find that subjects' behavior in an incomplete-information, repeated-game experiment is roughly a sequent ial equilibrium. The deviations from sequential equilibrium can be ex plained by the existence of a "homemade prior" probability (about 1 7 percent) that players will cooperate even when they should not. The authors conclude that equilibrium concepts which are more complicate d than Nash (such as sequential) can describe individual behavior wel l enough that theories using such equilibrium concepts are plausible. Copyright 1988 by The Econometric Society.

Date: 1988
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