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This paper studies interactive learning processes that are subject to constant perturbations or “noise.” We argue that payoffs in the Ultimatum Game are such that responders are more apt to be “noisy” than are proposers and show that as a result the learning process readily leads to...
With the intent of stimulating discussion, this section is reserved for book reviews, comments, and letters; your input is welcome. By nature, this material may be subjective, reflecting the opinions of the authors; your responses are therefore encouraged.
We formulate precisely and prove the proposition that if common knowledge of rationality obtains in a game of perfect information, then the backward induction outcome is reached. Journal of Economic Literatur Classification Numbers: C72 D81.
Bipolar games are normal form games with two pure strategies for each player and with two strict equilibrium points without common equilibrium strategies. A normal form game has linear incentives, if for each player the difference between the payoffs for any two pure strategies depends linearly...
We use simple learning models to track the behavior observed in experiments concerning three extensive form games with similar perfect equilibria. In only two of the games does observed behavior approach the perfect equilibrium as players gain experience. We examine a family of learning models...
This paper proposes a new one-point solution concept for noncooperative games, based on a new theory of equilibrium selection. It suggests a mathematical model for measuring the strength of the incentive each player has to use any particular strategy, and then for using these incentive measures...
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