Stochastic Game Theory: For Playing Games, Not Just for Doing Theory

Charles Holt and Jacob Goeree

Virginia Economics Online Papers from University of Virginia, Department of Economics

Abstract: Recent theoretical advances have dramatically increased the relevance of game theory for predicting human behavior in interactive situation. By relaxing the assumptions of perfect rationality and perfect foresight, we obtain much improved explanations of (i) initial decisions (ii)dynamic patterns of learning and adjustment, and (iii) equilibrium steady-state distributions.

Keywords: experiments; stochastic game theory; bounded rationality; quantal response equilibrium; introspection; learning; evolution (search for similar items in EconPapers)
JEL-codes: C72 C92 (search for similar items in EconPapers)
Pages: 16 pages
Date: 1999-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (59)

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