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Professionals play minimax

Palacios-Huerta, Ignacio (2003) Professionals play minimax. Review of Economic Studies, 70 (243). pp. 395-415. ISSN 1467-937X

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Abstract

The implications of the Minimax theorem are tested using natural data. The tests use a unique data set from penalty kicks in professional soccer games. In this natural setting experts play a one-shot two-person zero-sum game. The results of the tests are remarkably consistent with equilibrium play in every respect: (i) winning probabilities are statistically identical across strategies for players; (ii) players’ choices are serially independent. The tests have substantial power to distinguish equilibrium play from disequilibrium alternatives. These results represent the first time that both implications of von Neumann's Minimax theorem are supported under natural conditions.

Item Type: Article
Official URL: http://www3.interscience.wiley.com/journal/1185106...
Additional Information: © 2003 Blackwell Publishing Ltd.
Library of Congress subject classification: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HB Economic Theory
Sets: Research centres and groups > Managerial Economics and Strategy Group
Departments > Management
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 11 Jan 2010 09:49
URL: http://eprints.lse.ac.uk/26561/

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