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- W3123809361 abstract "Centipede games represent a classic example of a strategic situation, where the equilibrium prediction is at odds with human behavior. This study is explicitly designed to discriminate among the proposed explanations for initial responses in Centipede games. Using many different Centipede games, our approach determines endogenously whether one or more explanations are empirically relevant. We find that non-equilibrium behavior is too heterogeneous to be explained by a single model. However, most non-equilibrium choices can be fully explained by level-k thinking and quantal response equilibrium, in roughly equal proportions. Preference-based models play a negligible role in explaining non-equilibrium play." @default.
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- W3123809361 date "2016-08-01" @default.
- W3123809361 modified "2023-09-27" @default.
- W3123809361 title "Non-equilibrium Play in Centipede Games" @default.
- W3123809361 hasPublicationYear "2016" @default.
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