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1.
Pierpaolo Battigalli 《Games and Economic Behavior》1996,13(2):178-200
In a finite game fix a space of extended probabilities over strategies and a profile of best response correspondences. A profile ofrationality orderingsis then given by an ordered partition of the set of strategies of each player, representing different degrees of rationality, where at-leastk+1-rational strategies are best responses against extended probabilities reflecting at leastkdegrees of rationality. This solution can be constructed inductively, providing a Bayesian foundation for controversial deletion procedures such as extensive form rationalizability and iterated weak dominance. Focusing on extensive games, this approach formalizes the best rationalization principle.Journal of Economic LiteratureClassification Number: C72. 相似文献
2.
Elicitation using multiple price list formats 总被引:2,自引:0,他引:2
Steffen Andersen Glenn W. Harrison Morten Igel Lau E. Elisabet Rutström 《Experimental Economics》2006,9(4):383-405
We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price
list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives
for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing
effects. We consider extensions to address and evaluate these concerns. We conclude that although there are framing effects,
they can be controlled for with a design that allows for them. We also find that the elicitation of risk attitudes is sensitive
to procedures, subject pools, and the format of the multiple price list table, but that the qualitative findings that participants
are generally risk averse is robust. The elicitation of discount rates appear less sensitive to details of the experimental
design.
Electronic Supplementary Material Supplementary material is available in the online version of this article at
.
JEL Classification C9, D81, D91
An erratum to this article is available at . 相似文献
3.
We experimentally investigate if free information disadvantages a player relative to when information is unavailable. We study
an Ultimatum game where the Proposer, before making an offer, can obtain free information about the Responder's minimum acceptable
offer. Theoretically, the Proposer should obtain the information and play a best reply to the Responder's minimum acceptable
offer. Thus the Responder should get the largest share of the surplus. We find that an increasing number of Proposers become
informed over time. Moreover, the proportion of Proposers who use the information to maximize money earnings increases over
time. The majority of information-acquiring Proposers, however, refuse to offer more than one-half and play a best reply only
to Responders who accept offers of one-half or less. This, together with a substantial proportion of Proposers who choose
to remain uninformed, means that the availability of free information backfires for Proposers only by a little.
Electronic Supplementary Material Supplementary material is available in the online version of this article at .
JEL Classification C70, D63, D80 相似文献
4.
We experimentally investigate whether individuals can reliably detect cooperators (the nice(r) people) in an anonymous decision
environment involving “connected games.” Participants can condition their choices in an asymmetric prisoners’ dilemma and
a trust game on past individual (their partner’s donation share to a self-selected charity) and social (whether their partner
belongs to a group with high or low average donations) information. Thus, the two measures of niceness are the individual
donation share in the donation task, and the cooperativeness of one’s choice in the two games. We find that high donors achieve
a higher-than-average expected payoff by cooperating predominantly with other high donors. Group affiliation proved to be
irrelevant.
Electronic Supplementary Material Supplementary material is available in the online version of this article at .
JEL Classification C91, C72, D3 相似文献
5.
We present a transfer-seeking model of political economy that links the theory of Becker (1983) with Tullock-type models of
politically contestable rents. In our model the size of the transfer is determined endogenously, and over-dissipation of rents
is predicted even under conditions of risk-neutrality and perfect rationality. We implement an empirical test of this model
by collecting behavioral data in a laboratory experiment. We confirm the existence of behavior that leads to over-dissipation
of rents in games with both symmetric and asymmetric political power. To the extent that the transfer-seeking costs are social
costs, our findings imply that the total costs of running government might be greatly underestimated if the value of the rent
is used as a proxy for the rent-seeking cost. We also confirm the hypotheses that lowering the political power of one player
can lead to smaller rent-seeking expenditures and to larger transfers
Electronic Supplementary Material Supplementary material is available in the online version of this article at .
JEL Classification C91, D72 相似文献
6.
We run an experiment where 97 subjects could retrieve records of completed past auctions before placing their bids in current
one-bid, two-bid, and auction-selection games. Each subject was asked to participate in 3 current auctions; but could retrieve
up to 60 records of completed (past) auctions. The results reveal a positive relation between the payoffs earned by the subjects
and their history-inspection effort. Subjects act as if responding to the average bidding-ratios of the winners in the samples
that they have retrieved. They apply intuitive signal-dependent stopping rules like “sample until observing a winner-value close to my won” or “find a close winner-value and try one more history” when sampling the databases. History-inspection directs bidders with relatively high private-valuations to moderate bidding
which increases their realized payoffs. (JEL C9 D4 D8)
Electronic Supplementary Material Supplementary material is available in the online version of this article at
.
JEL Classification C93, D44, D83 相似文献
7.
SungWoong Hwang 《Technology Analysis & Strategic Management》2017,29(3):325-338
ABSTRACTThis study examines the strategies used to enter the biosimilars market – the emerging biogeneric market – by five Korean biopharmaceutical firms. The analysis is based on a conceptual framework that characterises the use of imitative innovation by middle-ground firms. These middle-ground firms are positioned between globally innovative firms from major developed economies and latecomer firms from large emerging economies. The study finds that the five Korean firms used three entry modes that resemble the typology of strategies commonly used in the previous catch-up stage: exploiting scale economies and specialisation. The study also reveals the risk and potential of each entry mode. 相似文献
8.
Joïlle Noailly Jeroen C.J.M. van den Bergh Cees A. Withagen 《Journal of Evolutionary Economics》2003,13(2):183-200
Abstract. Economic theories of managing renewable resources, such as fisheries and forestry, traditionally assume that individual harvesters
are perfectly rational and thus able to compute the harvesting strategy that maximizes their discounted profits. The current
paper presents an alternative approach based on bounded rationality and evolutionary mechanisms. It is assumed that individual
harvesters face a choice between two harvesting strategies. The evolution of the distribution of strategies in the population
is modeled through a replicator dynamics equation. The latter captures the idea that strategies yielding above average profits
are demanded more than strategies yielding below average profits, so that the first type ends up accounting for a larger part
in the population. From a mathematical perspective, the combination of resource and evolutionary processes leads to complex
dynamics. The paper presents the existence and stability conditions for each steady-state of the system and analyzes dynamic
paths to the equilibrium. In addition, effects of changes in prices are analyzed. A main result of the paper is that under
certain conditions both strategies can survive in the long-run.
Correspondence to: J. Noailly 相似文献
9.
Economic models typically allow for “free disposal” or “reversibility” of information, which implies non-negative value. Building
on previous research on the “curse of knowledge” we explore situations where this might not be so. In three experiments, we
document situations in which participants place positive value on information in attempting to predict the performance of
uninformed others, even when acquiring that information diminishes their earnings. In the first experiment, a majority of
participants choose to hire informed—rather than uninformed—agents, leading to lower earnings. In the second experiment, a
significant number of participants pay for information—the solution to a puzzle—that hurts their ability to predict how many
others will solve the puzzle. In the third experiment, we find that the effect is reduced with experience and feedback on
the actual performance to be predicted. We discuss implications of our results for the role of information and informed decision
making in economic situations.
Electronic Supplementary Material Supplementary material is available in the online version of this article at http://dx.doi.org/10.1007/s10683-006-9128-y.
JEL Classification C91, D83 相似文献
10.
In recent work on non-cooperative network formation star-shaped networks play an important role. In a particular theoretical
model of Bala and Goyal (2000) center-sponsored stars are the only strict Nash networks. In testing this theoretical model,
Falk and Kosfeld (2003) do not find experimental evidence that players select the center-sponsored star. Based on a slight
modification of Bala and Goyal’s model, we design a network formation experiment in which, depending on link costs, periphery-sponsored
stars and the empty network are the only strict Nash networks. We observe that almost all groups not only reach a strict Nash
network once but also switch the center player in periphery-sponsored stars several times. The main innovation in our experiment
is to use a continuous time framework which we believe to be a more realistic setting to study behavior in network formation
situations and which makes coordination on stars much easier than simultaneous strategy adaptation in discrete time.
Electronic Supplementary Material Supplementary material is available in the online version of this article at http://dx.doi.org/10.1007/s10683-006-9125-1.
JEL Classification C72 · C92 · D81 相似文献
11.
Donal Khosrowi 《Journal of Economic Methodology》2019,26(1):45-58
ABSTRACTI consider recent strategies proposed by econometricians for extrapolating causal effects from experimental to target populations. I argue that these strategies fall prey to the extrapolator’s circle: they require so much knowledge about the target population that the causal effects to be extrapolated can be identified from information about the target alone. I then consider comparative process tracing (CPT) as a potential remedy. Although specifically designed to evade the extrapolator’s circle, I argue that CPT is unlikely to facilitate extrapolation in typical econometrics and evidence-based policy applications. To argue this, I offer a distinction between two kinds of extrapolation, attributive and predictive, the latter being prevalent in econometrics and evidence-based policy. I argue that CPT is not helpful for predictive extrapolation when using the kinds of evidence that econometricians and evidence-based policy researchers prefer. I suggest that econometricians may need to consider qualitative evidence to overcome this problem. 相似文献
12.
Contracting inside an organization: An experimental study 总被引:1,自引:0,他引:1
Paul J. Healy John O. Ledyard Charles Noussair Harley Thronson Peter Ulrich Giulio Varsi 《Experimental Economics》2007,10(2):143-167
In this paper we propose and test a contracting mechanism, Multi-Contract Cost Sharing (MCCS), for use in the management of
a sequence of projects. The mechanism is intended for situations where (1) the contractor knows more about the true costs
of various projects than does the contracting agency (adverse selection), and (2) unobservable effort on the part of the contractor
may lead to cost reductions (moral hazard). The proposed process is evaluated in an experimental environment that includes
the essential economic features of the NASA process for the acquisition of Space Science Strategy missions. The environment
is complex and the optimal mechanism is unknown. The design of the MCCS mechanism is based on the optimal contract for a simpler
related environment. We compare the performance of the proposed process to theoretical benchmarks and to an implementation
of the current NASA ‘cost cap’ procurement process. The data indicate that the proposed MCCS process generates significantly
higher value per dollar spent than using cost caps, because it allocates resources more efficiently among projects and provides
greater incentives to engage in cost-reducing innovations.
Electronic Supplementary Material Supplementary material is available in the online version of this article at .
JEL Classification C72, C92, D82, L32 相似文献
13.
Economists and psychologists have long argued the origin of wealth influences individual behavior. In a previous study (Cherry
et al., 2005), we found the origin of endowment did not significantly affect behavior in linear public good games with summation
contribution technology. In such games, however, both Nash behavior (everybody gives nothing) and social optimal behavior
(everybody gives the entire endowment) call for symmetric levels of contributions. Results from this new study indicate that
the origin of wealth might matter in more asymmetric situations, such as in a best-shot public good game with heterogeneous
groups.
Electronic Supplementary Material Supplementary material is available in the online version of this article at .
JEL Classification C72, C92, H41 相似文献
14.
J. Stephen Ferris John A. Galbraith 《European Journal of the History of Economic Thought》2013,20(2):213-231
Abstract Recent central bank experience with inflation targeting is used to restate Hayek's reform proposal as a performance contract. This requires banks to first state an explicit inflation target and then promise to perform a set of actions whenever an independent forecast departs from target. Making such actions explicit and observable makes the promise of price stability offered by competing banks operational and enforceable. Competition among banks then leads to convergence on current best practice in the short term and to faster performance evolution as the incentive to innovate induces improvements over the long term. 相似文献
15.
Motivated by problems of coordination failure in organizations, we examine how overcoming coordination failure and maintaining
coordination depend on the ability of individuals to observe others’ choices. Subjects’ payoffs depend on coordinating at
high effort levels in a weak-link game. Treatments vary along two dimensions. First, subjects either start with low financial
incentives for coordination, which typically leads to coordination failure, and then are switched to higher incentives or
start with high incentives, which usually yield effective coordination, and are switched to low incentives. Second, as the
key treatment variable, subjects either observe the effort levels chosen by all individuals in their experimental group (full
feedback) or observe only the minimum effort (limited feedback). We find three primary results: (1) When starting from coordination
failure the use of full feedback improves subjects’ ability to overcome coordination failure, (2) When starting with good
coordination the use of full feedback has no effect on subjects’ ability to avoid slipping into coordination failure, and
(3) History-dependence, defined as dependence of current effort levels on past incentives, is strengthened by the use of full
feedback.
Electronic Supplementary Material Supplementary material is available in the online version of this article at
.
JEL Classification C92, D23, J31, L23, M52 相似文献
16.
“Si él lo necesita” (if he really needs it) was the most common argument given by the subjects who accepted the zero offer in the ultimatum
game (strategy method) during experiments conducted among illiterate (adult) gypsies in Vallecas, Madrid. Interestingly the
acceptance of the zero offer was not a rare case but, in contrast, was the modal value. This is even more remarkable if we
consider that the 97% of the subjects proposed the equal split.
Electronic Supplementary Material Supplementary material is available in the online version of this article at http://dx.doi.org/10.1007/s10683-006-9126-0.
JEL Classification D63 · D64 · C93 · J15 相似文献
17.
In this paper, we present experimental evidence on the effect adverse selection has on coverage choices and pricing in corporate
insurance markets. Two sets of experimental data, each generated by experiments utilizing a specific parameterization of a
corporate insurance decision, are presented to gauge these effects. In the first, subject behavior conforms to a unique equilibrium
in which high risk firms choose higher coverage and contracts are priced accordingly. Insurers act competitively and convergence
to equilibrium behavior is marked. In the second set, there is little evidence that subject behavior is consistent with either
of the two equilibrium outcomes supported by the experimental setting—pooling by fully insuring losses and pooling by self
insuring.
JEL Classification C90, G14, G22
Electronic Supplementary Material Supplementary material is available in the online version of this article at http://dx.doi.org/10.1007/s10683-006-9152-y. 相似文献
18.
Enrico Petracca 《Journal of Economic Methodology》2017,24(1):20-40
Simon’s notion of bounded rationality is deeply intertwined with his activity as a cognitive psychologist and founder of so-called cognitivism, a mainstream approach in cognitive psychology until the 1980s. Cognitivism, understood as ‘symbolic information processing,’ provided the first cognitive psychology foundation to bounded rationality. Has bounded rationality since then fully followed the development of cognitive psychology beyond symbolic information processing in the post-Simonian era? To answer this question, this paper focuses on Simon’s opposition during the 1990s to a new (paradigmatic) view of cognition called situated cognition, which has since put into question the entire view in cognitive psychology of humans as symbolic information processors. This paper then reads the cognitivism/situated cognition debate through the lens of current bounded rationality research in economics, in order (i) to inquire into whether it has tackled the issues in that controversy; (ii) to envisage possible new foundations for a cognitive psychology-based bounded rationality. 相似文献
19.
ABSTRACT This paper relies on register-based statistical data from Finland to measure broad research and development (R&D), organizational capital (OC) and information and communication technology (ICT) investments as innovation inputs in addition to formal survey-based R&D and CIS survey data on innovations. The linked panel data are appropriate for a comparison of low-market-share (small) and large-market-share (large) firms. We analyze the productivity growth and profitability of Finnish firms with varying market power. In contrast to high-market-share firms, low-market-share firms are characterized by low profit derived from new innovations. This study suggests that in addition to imitative growth, a ‘negative selection mechanism’ explains the high productivity growth relative to the low profits. 相似文献
20.
We present an experiment designed to separate the two commonplace explanations for behavior in ultimatum games—subjects’ concern
for fairness versus the failure of subgame perfection as an equilibrium refinement. We employ a tournament structure of the
bargaining interaction to eliminate the potential for fairness to influence behavior. Comparing the results of the tournament
game with two control treatments affords us a clean test of subgame perfection as well as a measure fairness-induced play.
We find after 10 iterations of play that about half of all non-subgame-perfect demands are due to fairness, and the rest to
imperfect learning. However, as suggested by models of learning, we also confirm that the ultimatum game presents an especially
difficult environment for learning subgame perfection.
Electronic Supplementary Material Supplementary material is available in the online version of this article at
.
JEL Classification C91, D64, J52 相似文献