Quantal Response Equilibrium (eBook)

A Stochastic Theory of Games

Jacob K. Goeree, Charles A. Holt, Thomas R. Palfrey (Autoren)

eBook Download: PDF

2016
328 Seiten
Princeton University Press (Verlag)
978-1-4008-8092-8 (ISBN)

Infos

Jacob K. Goeree is a Distinguished Research Professor and head of the Economics Discipline Group at the University of Technology Sydney. Charles A. Holt is the A. Willis Robertson Professor of Political Economy at the University of Virginia. Thomas R. Palfrey is the Flintridge Foundation Professor of Economics and Political Science at the California Institute of Technology.

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Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences.Quantal Response Equilibrium spans the range from basic theoretical foundations to examples of how the principles yield useful predictions and insights in strategic settings, including voting, bargaining, auctions, public goods provision, and more. The approach provides a natural framework for estimating the effects of behavioral factors like altruism, reciprocity, risk aversion, judgment fallacies, and impatience. New theoretical results push the frontiers of models that include heterogeneity, learning, and well-specified behavioral modifications of rational choice and rational expectations. The empirical relevance of the theory is enhanced by discussion of data from controlled laboratory experiments, along with a detailed users' guide for estimation techniques.Quantal Response Equilibrium makes pioneering game-theoretic methods and interdisciplinary applications available to a wide audience.

Produkt-Details

• Erscheint lt. Verlag: 28.6.2016
• Zusatzinfo: 45 line illus. 45 tables.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Mathematik / Informatik ► Mathematik ► Angewandte Mathematik
• Themenwelt: Mathematik / Informatik ► Mathematik ► Finanz- / Wirtschaftsmathematik
• Themenwelt: Mathematik / Informatik ► Mathematik ► Statistik
• Themenwelt: Mathematik / Informatik ► Mathematik ► Wahrscheinlichkeit / Kombinatorik
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: agent quantal response equilibrium • All-Pay Auction • Almost surely • Altruism • Applications • AQRE • Auction • auctions • Average Price • Backward Induction • Bargaining • Base rate fallacy • Bayesian • Bayesian game • Bayes' Rule • Big O notation • binary-choice games • Calculation • Centipede Game • choice distribution • classical game theory • Continuous game • contraction mapping • Coordination game • Corner solution • Correlation and dependence • Cumulative distribution function • curve fitting • Decision-Making • Discrete Choice • Divine equilibrium • Double Auction • Dynamic Programming • dynamic quantal response equilibrium • Dynamics • Economics • Error Term • estimation • expected value • Extensive-form game • extensive-form games • Externality • Fair coin • Folk theorem (game theory) • Forecast Error • Free parameter • Games • Game Theory • Generalized extreme value distribution • Grim trigger • impatience • imperfectly rational behavior • inequity aversion • inference • Intuitive criterion • Joint probability distribution • Latent Variable • Law of demand • learning models • Least Squares • Limited dependent variable • Limiting factor • Logistic Regression • Logit • logit equilibrium • logit QRE • Marginal cost • Markov Chain • Markov perfect equilibrium • Markov process • Markov QRE • Markov strategy • Matching Pennies • Mathematical Optimization • maximum likelihood estimation • maximum-likelihood methods • Methodology • minimum-effort coordination game • Multinomial distribution • Mutual exclusivity • Nash Equilibrium • noisy behavior • noisy introspection • Non-linear least squares • Normal distribution • normal-form games • optimization problem • Parameter • Pareto Efficiency • Partial equilibrium • participation games • perfect rationality • player skills • Poisson distribution • Political Science • Post hoc analysis • Potential Game • power function • Prediction • Predictive Modelling • price-competition game • Price floor • Price war • Prisoner's dilemma • probabilistic choice • Probability • Probability Distribution • Probability of error • probit • Probit Model • pure game theory • QRE • QRE reesarch • quantal response equilibrium • Random element • rational agent • Rational Expectations • Rationalizability • Reciprocity • reduced-form approach • rent dissipation • result • Risk Aversion • Sequential Equilibrium • Signaling game • skill heterogeneity • Social dilemma • Social Science • Special case • stationary distribution • statistical game theory • stochastic • Student's t-test • Subgame Perfect Equilibrium • symmetric equilibrium • symmetric game • theory • Theory of Games • Traveler's dilemma • Trembling hand perfect equilibrium • Ultimatum Game • Utility • Voting • Winner's Curse • With high probability
• ISBN-10: 1-4008-8092-0 / 1400880920
• ISBN-13: 978-1-4008-8092-8 / 9781400880928