On the Determinants of Cooperation in Infinitely Repeated Games PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download On the Determinants of Cooperation in Infinitely Repeated Games PDF full book. Access full book title On the Determinants of Cooperation in Infinitely Repeated Games by Pedro Dal Bo. Download full books in PDF and EPUB format.
Author: Pedro Dal Bo
Publisher:
ISBN:
Category :
Languages : en
Pages : 83
Get Book Here
Book Description
There have been major advances in the theoretical study of the determinants of cooperation with many applications in economics and the social sciences. A growing experimental literature has studied the determinants of cooperation, tested different predictions of the theory, and suggested an empirical solution to the problem of multiple equilibria in infinitely repeated games. To provide a robust description of the literature's findings, we gather and analyze a meta-data set of experiments on infinitely repeated prisoners' dilemma games. The experimental data shows that cooperation is affected by infinite repetition and that cooperation is more likely to arise when it can be supported in equilibrium. However, the fact that cooperation can be supported in equilibrium does not imply that most subjects will cooperate. High cooperation rates will only emerge when the parameters of the repeated game are such that cooperation is very robust to strategic uncertainty.We also review the results regarding the effect of imperfect monitoring, changing partners and personal characteristics on cooperation and the strategies used to support it.
Author: Pedro Dal Bo
Publisher:
ISBN:
Category :
Languages : en
Pages : 83
Get Book Here
Book Description
There have been major advances in the theoretical study of the determinants of cooperation with many applications in economics and the social sciences. A growing experimental literature has studied the determinants of cooperation, tested different predictions of the theory, and suggested an empirical solution to the problem of multiple equilibria in infinitely repeated games. To provide a robust description of the literature's findings, we gather and analyze a meta-data set of experiments on infinitely repeated prisoners' dilemma games. The experimental data shows that cooperation is affected by infinite repetition and that cooperation is more likely to arise when it can be supported in equilibrium. However, the fact that cooperation can be supported in equilibrium does not imply that most subjects will cooperate. High cooperation rates will only emerge when the parameters of the repeated game are such that cooperation is very robust to strategic uncertainty.We also review the results regarding the effect of imperfect monitoring, changing partners and personal characteristics on cooperation and the strategies used to support it.
Author: Andrew Kloosterman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
I experimentally investigate a new game that modifies the prisoner's dilemma. In this game, as opposed to the regular prisoner's dilemma, there is no tradeoff between cooperation and strategic risk (uncertainty regarding the other player's strategy) that is the leading explanation for low cooperation rates found in past experiments with small discount factors. The main finding is that there is still not pervasive cooperation; the cooperation rate is less than 50% in both repeated game treatments. I argue that specific complexities inherent to repeated games and slightly more strategic uncertainty than traditionally modeled inhibit the emergence of full cooperation.
Author: Pedro Dal Bo
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
While there is an extensive literature on the theory of infinitely repeated games, empirical evidence on how %22the shadow of the future%22 affects behavior is scarce and inconclusive. We simulate infinitely repeated prisoner's dilemma games in the lab by having a random continuation rule. The experimental design represents an improvement over the existing literature by including sessions with finite repeated games as controls and a large number of players per session (which allows for learning without contagion effects). We find strong evidence that the higher the probability of continuation, the higher the levels of cooperation. We compare the behavior from these infinitely repeated games with behavior from finitely repeated games of the same expected length and we find that there is more cooperation in the infinitely repeated games. Finally, we consider different payoffs matrices that result in different equilibrium outcomes for some probabilities of continuation, and find that the set of observed outcomes closely follows the set of equilibrium outcomes.
Author: George J. Mailath
Publisher: Oxford University Press
ISBN: 0198041217
Category : Business & Economics
Languages : en
Pages : 664
Get Book Here
Book Description
Personalized and continuing relationships play a central role in any society. Economists have built upon the theories of repeated games and reputations to make important advances in understanding such relationships. Repeated Games and Reputations begins with a careful development of the fundamental concepts in these theories, including the notions of a repeated game, strategy, and equilibrium. Mailath and Samuelson then present the classic folk theorem and reputation results for games of perfect and imperfect public monitoring, with the benefit of the modern analytical tools of decomposability and self-generation. They also present more recent developments, including results beyond folk theorems and recent work in games of private monitoring and alternative approaches to reputations. Repeated Games and Reputations synthesizes and unifies the vast body of work in this area, bringing the reader to the research frontier. Detailed arguments and proofs are given throughout, interwoven with examples, discussions of how the theory is to be used in the study of relationships, and economic applications. The book will be useful to those doing basic research in the theory of repeated games and reputations as well as those using these tools in more applied research.
Author: Maximilian Andres
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This paper studies the interaction of beliefs, payoff parameters, and the cooperation rate in the infinitely repeated prisoner's dilemma. We show formally that a player's belief about the probability of cooperation by their opponent moderates the effect of changes in the payoff parameters on cooperation. If beliefs are high, increasing the gain from unilateral defection has a large negative effect on cooperation, while increasing the loss from unilateral cooperation has a negligible effect. However, if beliefs are low, this relationship is reversed: increasing the gain has only a negligible effect, while increasing the loss has a large negative effect on cooperation. The negative effect of both payoff parameters on cooperation becomes even larger when the belief is a function of the payoff parameters.
Author: Bassel Tarbush
Publisher:
ISBN:
Category : Cooperation
Languages : en
Pages : 89
Get Book Here
Book Description
Author: Andrew Kloosterman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
I experimentally investigate a new game that modifies the prisoner's dilemma. In this game, as opposed to the regular prisoner's dilemma, there is no tradeoff between cooperation and strategic risk (uncertainty regarding the other player's strategy) that is the leading explanation for low cooperation rates found in past experiments with small discount factors. The main finding is that there is still not pervasive cooperation; the cooperation rate is less than 50% in both repeated game treatments. I argue that specific complexities inherent to repeated games and slightly more strategic uncertainty than traditionally modeled inhibit the emergence of full cooperation.
Author: Drew Fudenberg
Publisher: MIT Press
ISBN: 9780262061940
Category : Business & Economics
Languages : en
Pages : 304
Get Book Here
Book Description
This work explains that equilibrium is the long-run outcome of a process in which non-fully rational players search for optimality over time. The models they e×plore provide a foundation for equilibrium theory and suggest ways for economists to evaluate and modify traditional equilibrium concepts.
Author: Robert Axelrod
Publisher: Basic Books
ISBN: 0786734884
Category : Business & Economics
Languages : en
Pages : 258
Get Book Here
Book Description
A famed political scientist's classic argument for a more cooperative world We assume that, in a world ruled by natural selection, selfishness pays. So why cooperate? In The Evolution of Cooperation, political scientist Robert Axelrod seeks to answer this question. In 1980, he organized the famed Computer Prisoners Dilemma Tournament, which sought to find the optimal strategy for survival in a particular game. Over and over, the simplest strategy, a cooperative program called Tit for Tat, shut out the competition. In other words, cooperation, not unfettered competition, turns out to be our best chance for survival. A vital book for leaders and decision makers, The Evolution of Cooperation reveals how cooperative principles help us think better about everything from military strategy, to political elections, to family dynamics.
Author: Karen Donohue
Publisher: John Wiley & Sons
ISBN: 1119138329
Category : Business & Economics
Languages : en
Pages : 692
Get Book Here
Book Description
A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
