English, Article edition: GAME THEORY FOR PLAYING GAMES: SOPHISTICATION IN A NEGATIVE-EXTERNALITY EXPERIMENT JOHN M. SPRAGGON; ROBERT J. OXOBY

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Bookmark: http://trove.nla.gov.au/version/155879
Physical Description
  • article
Language
  • English

Edition details

Title
  • GAME THEORY FOR PLAYING GAMES: SOPHISTICATION IN A NEGATIVE-EXTERNALITY EXPERIMENT
Author
  • JOHN M. SPRAGGON
  • ROBERT J. OXOBY
Physical Description
  • article
Notes
  • "We explore the extent to which the lack of Nash payoff maximization in experimental games is attributable to the "sophistication" of participants (i.e., their understanding of strategic decision making and profit-maximizing decisions). To this end, we compare the behaviors of sophisticated participants (i.e., those who have been exposed to the concepts of game theory) against those of a more standard subject pool in a moral hazard environment. Results suggest that sophisticated subjects are significantly more likely to adopt strategies predicted by standard theory and arrive at a Nash equilibrium. "("JEL "C72, C91, C92, D63, D64) Copyright (c) 2008 Western Economic Association International.
  • RePEc:bla:ecinqu:v:47:y:2009:i:3:p:467-481
Language
  • English
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