Quantal Response, Potentials, and Stochastic Stability of Equilibria PDF Download
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Author: Takashi Ui
Publisher:
ISBN:
Category :
Languages : en
Pages : 178
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Book Description
Author: Takashi Ui
Publisher:
ISBN:
Category :
Languages : en
Pages : 178
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Book Description
Author: Jacob K. Goeree
Publisher: Princeton University Press
ISBN: 069112423X
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences. Quantal Response Equilibrium spans the range from basic theoretical foundations to examples of how the principles yield useful predictions and insights in strategic settings, including voting, bargaining, auctions, public goods provision, and more. The approach provides a natural framework for estimating the effects of behavioral factors like altruism, reciprocity, risk aversion, judgment fallacies, and impatience. New theoretical results push the frontiers of models that include heterogeneity, learning, and well-specified behavioral modifications of rational choice and rational expectations. The empirical relevance of the theory is enhanced by discussion of data from controlled laboratory experiments, along with a detailed users' guide for estimation techniques. Quantal Response Equilibrium makes pioneering game-theoretic methods and interdisciplinary applications available to a wide audience.
Author: Thomas Bogenschütz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Stephen J. Turnovsky
Publisher: Institute for Policy Analysis, University of Toronto
ISBN:
Category : Economics
Languages : en
Pages : 54
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Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 664
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Author: Suren Basov
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this paper I take a dynamic point of view and give an example of a population game and of a locally improving stochastic learning process such that the quantal response equilibrium assigns to the different strategies the probabilities that are non-monotone in the payoffs. Moreover, if the initial state probabilities are payoff-monotone, then the learning can be shown the shrink mistakes in one direction and exacerbate them in the other direction.
Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 806
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Author:
Publisher:
ISBN:
Category : Economics, Mathematical
Languages : en
Pages : 740
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Author: Stanford University
Publisher:
ISBN:
Category :
Languages : en
Pages : 506
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Book Description
Author: Petyon Young
Publisher: Elsevier
ISBN: 0444537678
Category : Mathematics
Languages : en
Pages : 1025
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Book Description
The ability to understand and predict behavior in strategic situations, in which an individual’s success in making choices depends on the choices of others, has been the domain of game theory since the 1950s. Developing the theories at the heart of game theory has resulted in 8 Nobel Prizes and insights that researchers in many fields continue to develop. In Volume 4, top scholars synthesize and analyze mainstream scholarship on games and economic behavior, providing an updated account of developments in game theory since the 2002 publication of Volume 3, which only covers work through the mid 1990s. Focuses on innovation in games and economic behavior Presents coherent summaries of subjects in game theory Makes details about game theory accessible to scholars in fields outside economics
