Download Bounded Rational Behavior in Experimental Games and Markets: by Reinhard Tietz (auth.), Prof. Dr. Reinhard Tietz, Prof. Dr. PDF

By Reinhard Tietz (auth.), Prof. Dr. Reinhard Tietz, Prof. Dr. Wulf Albers, Prof. Dr. Reinhard Selten (eds.)

The ebook experiences on contemporary experimental study on expectancies and determination making in bargaining, markets, auctions, or coalition formation occasions. The investi- gated subject matters carry construction stones for a bounded rational thought as an method of clarify habit and interpersonal interactions in fiscal and social relationships.

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Read or Download Bounded Rational Behavior in Experimental Games and Markets: Proceedings of the Fourth Conference on Experimental Economics, Bielefeld, West Germany, September 21–25, 1986 PDF

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Extra resources for Bounded Rational Behavior in Experimental Games and Markets: Proceedings of the Fourth Conference on Experimental Economics, Bielefeld, West Germany, September 21–25, 1986

Sample text

Also they were expensive, difficult and time-consuming to process. We also dropped the overdraft facility, by simply telling the subjects that they could not "borrow". The reason for this was that some subjects in the pilot study (where an overdraft limit of 40 tokens was - rather arbitrarily - imposed) were deliberately "going for broke"; that is, deliberately running up a big overdraft hoping that the experiment would finish before the overdraft limit was exceeded. This (risk- loving) behaviour contradicts the assumptions underlying the identification of (13) as the optimal strategy.

We also wanted in the large-scale study to test the tentative hypothesis that the comparative static predictions of actual behaviour agreed with the comparative static predictions of optimality theory. iment with different parameter sets. sets with different subjects. ) In the special case discussed above there are four key parameters: p: the continuing probability r: the rate of return ~: the mean of the token income distribution a: the standard deviation of the token income distribution. 2; for ~, 11 and 7; and for a, 1 and 5.

We formed a data matrix as follows: the rows consisted of all the time periods for all the subjects stacked up on top of each other. Thus, if n i denotes the number of periods for which the experiment continued for subject i, then the first n l rows of the data matrix consist of the n l periods for subject 1, the next n 2 rows the observations for the n 2 periods of subject 2, and so on. D. Hey and V. o 14 ~ 10 r +J +J ~ g .... 15 g III o l (J (J 10 10 15 20 25 ~ .... - _ -;<1 I' 10 wealth 10 15 20 25 wealth -actua I "optimal ..

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