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Contest with ambiguity
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Kelsey, David and Melkonyan, Tigran A. (2018) Contest with ambiguity. Oxford Economic Papers, 7 (4). pp. 1148-1169. doi:10.1093/oep/gpy020 ISSN 1464-3812.
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Official URL: https://doi.org/10.1093/oep/gpy020
Abstract
The paper examines contests where players perceive ambiguity about their opponents’ strategies and determines how perceptions of ambiguity and attitudes to ambiguity affect equilibrium choice. Behaviour in our contest is affected by pessimistic and optimistic traits. Which of these traits dominates determines the relationship between the equilibrium under ambiguity (EUA) and behaviour where contenders have expected utility preferences. Our model can explain experimental results such as overbidding and overspreading relative to Nash predictions.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||||
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): | Game theory, Equilibrium (Economics) | ||||||||
Journal or Publication Title: | Oxford Economic Papers | ||||||||
Publisher: | Oxford University Press | ||||||||
ISSN: | 1464-3812 | ||||||||
Official Date: | 1 October 2018 | ||||||||
Dates: |
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Volume: | 7 | ||||||||
Number: | 4 | ||||||||
Page Range: | pp. 1148-1169 | ||||||||
DOI: | 10.1093/oep/gpy020 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 3 April 2018 | ||||||||
Date of first compliant Open Access: | 9 June 2020 |
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