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Experiments on strategic choices and markets |
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| Authors: | Wilfred Amaldoss Teck-Hua Ho Aradhna Krishna Kay-Yut Chen Preyas Desai Ganesh Iyer Sanjay Jain Noah Lim John Morgan Ryan Oprea Joydeep Srivasatava |
| Institution: | 1. Duke University, Durham, NC, USA 2. University of California—Berkeley, Berkeley, CA, USA 3. University of Michigan, Ann Arbor, MI, USA 4. HP Labs, Palo Alto, CA, USA 5. Texas A&M University, College Station, TX, USA 6. University of Houston, Houston, TX, USA 7. University of California—Santa Cruz, Santa Cruz, CA, USA 8. University of Maryland, College Park, MD, USA |
| Abstract: | Much of experimental research in marketing has focused on individual choices. Yet in many contexts, the outcomes of one’s choices depend on the choices of others. Furthermore, the results obtained in individual decision making context may not be applicable to these strategic choices. In this paper, we discuss three avenues for further advancing our understanding of strategic choices. First, there is a need to develop theories about how people learn to play strategic games. Second, there is an opportunity to enrich standard economic models of strategic behavior by allowing for different types of bounded rationality and by relaxing assumptions about utility formulation. These new models can help us to more accurately predict strategic choices. Finally, future research can improve marketing practice by designing better mechanisms and validating them using experiments. |
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