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Incorporating fairness motives and quantal response equilibrium concepts: an application to 2x2 games

Tavoni, Alessandro (2009) Incorporating fairness motives and quantal response equilibrium concepts: an application to 2x2 games. In: 14th Coalition Theory Network workshop, 23-24 Jan 2009, Maastricht, the Netherlands.

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Abstract

Substantial evidence has accumulated in recent empirical works on the limited ability of the Nash equilibrium to rationalize observed behavior in many classes of games played by experimental subjects. This realization has led to several attempts aimed at finding tractable equilibrium concepts which perform better empirically; one such example is the impulse balance equilibrium [Selten, Chmura, 2008], which introduces a psychological reference point to which players compare the available payoff allocations. This paper is concerned with advancing a new, empirically sound, concept that introduces a distributive reference point to established stationary equilibrium concepts such as impulse balance and quantal response.

Item Type: Conference or Workshop Item (Other)
Official URL: http://www.feem-web.it/ctn/
Additional Information: © 2009 The Author
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Journal of Economic Literature Classification System: C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C72 - Noncooperative Games
C - Mathematical and Quantitative Methods > C9 - Design of Experiments > C91 - Laboratory, Individual Behavior
D - Microeconomics > D0 - General > D01 - Microeconomic Behavior: Underlying Principles
D - Microeconomics > D6 - Welfare Economics > D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Sets: Research centres and groups > Grantham Research Institute on Climate Change and the Environment
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 20 Oct 2011 10:26
URL: http://eprints.lse.ac.uk/38982/

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