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Investigating the failure to best respond in experimental games
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Alempaki, Despoina, Colman, A., Kölle, F., Loomes, Graham and Pulford, B. D. (2022) Investigating the failure to best respond in experimental games. Experimental Economics, 25 (2). pp. 656-679. doi:10.1007/s10683-021-09725-8
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Official URL: https://doi.org/10.1007/s10683-021-09725-8
Abstract
We examine strategic sophistication using eight two-person 3 × 3 one-shot games. To facilitate strategic thinking, we design a ‘structured’ environment where subjects first assign subjective values to the payoff pairs and state their beliefs about their counterparts’ probable strategies, before selecting their own strategies in light of those deliberations. Our results show that a majority of strategy choices are inconsistent with the equilibrium prediction, and that only just over half of strategy choices constitute best responses to subjects’ stated beliefs. Allowing for other-regarding considerations increases best responding significantly, but the increase is rather small. We further compare patterns of strategies with those made in an ‘unstructured’ environment in which subjects are not specifically directed to think strategically. Our data suggest that structuring the pre-decision deliberation process does not affect strategic sophistication.
| Item Type: | Journal Article | ||||||||||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology Q Science > QA Mathematics |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Games of strategy (Mathematics), Game Theory, Decision making -- Psychological aspects | ||||||||||||
| Journal or Publication Title: | Experimental Economics | ||||||||||||
| Publisher: | Springer New York LLC | ||||||||||||
| ISSN: | 1386-4157 | ||||||||||||
| Official Date: | April 2022 | ||||||||||||
| Dates: |
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| Volume: | 25 | ||||||||||||
| Number: | 2 | ||||||||||||
| Page Range: | pp. 656-679 | ||||||||||||
| DOI: | 10.1007/s10683-021-09725-8 | ||||||||||||
| Status: | Peer Reviewed | ||||||||||||
| Publication Status: | Published | ||||||||||||
| Access rights to Published version: | Open Access | ||||||||||||
| RIOXX Funder/Project Grant: |
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