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 studies on fresh experimental learn on expectancies and selection making in bargaining, markets, auctions, or coalition formation occasions. The investi- gated themes bring development stones for a bounded rational conception as an method of clarify habit and interpersonal interactions in fiscal and social relationships.

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

Example text

1 35 Frequencies of inconsistent behavior in the union dilemma game (only types which actually occurred). (Study Two). " indicates slight inconsistencies, "I" stands for serious ones. II I I 'p' Frequency ? 7 ! 9 - ? 7 - ! 1 ? 6 4:8 I ? 6 ! 8 I ! 0 65 51. 2 Percent I 'n' I I I II I I II ! i Ii Frequencies of inconsistent behavior in the union dilemma game (only types which actually occurred). (Study Three) I i ! I I ! 'n' , p' Frequency ? 3 ! 3 - ? 1 - ! 8 ? 5 ? I. Ksiensik and D. _. 11 I! 1 Inkonsistenz Frequency ?

INTRODUCTION Expectations often play an important role in decision-making, for example in investment decisions, or during a job search, or even when deciding whether or not to marry a certain girl. Up to now, however, there has been no satisfactory explanation of the way in which predictions are formed. The heroic assumption that all information is used efficiently by the economic agents is not easy to test. One of the difficulties is that, in most cases, we do not know precisely the states of information of the agents.

Finance was very kindly provided by the Leverhulme Trust to whom we are most grateful. The experiment was carried out in a terminal classroom of the University of York during the summer vacation of 1986. This classroom contains some 18 terminals, 16 being used by the subjects and 1 by the experimenter. We advertised our experi- ments widely around the campus and got a varied and enthusiastic response. no claims as to the representativeness of our subjects. We make As and when subjects arrived we allocated them to a spare terminal, gave them written instructions (which were not really essential as the computer program repeated the "rules of the game") and then left them to get on with the experiment at their own pace.

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