Myopically forward-looking agents in a network formation game : theory and experimental evidence


Berninghaus, Siegfried ; Ehrhart, Karl-Martin ; Ott, Marion


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URL: http://ub-madoc.bib.uni-mannheim.de/2309
URN: urn:nbn:de:bsz:180-madoc-23091
Document Type: Working paper
Year of publication: 2008
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Classification: JEL: C92 C72 ,
Subject headings (SWD): Soziales Netzwerk , Nichtkooperatives Spiel , Interaktion , Test , Theorie
Keywords (English): Hawk-Dove game , local interaction , network formation , network experiment
Abstract: A population of players is considered in which each agent can select her neighbors in order to play a 2x2 Hawk-Dove game with each of them. We design our experiment in continuous time where participants may change their Hawk-Dove action and/or their neighborhood at any point in time. We are interested in the resulting formation of networks and the action distributions. Compared with static Nash equilibrium (e.g., Berninghaus and Vogt, 2004, 2006; Bramoulle, Lopez-Pintado, Goyal, and Vega-Redondo, 2004) and social optimum as theoretical benchmark solutions, subjects seem to employ a more complex, forward-looking thinking. We develop an other benchmark solution, called one-step-ahead stability, that combines forward-looking belief formation with rational response and that fits the data much better.
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Berninghaus, Siegfried ; Ehrhart, Karl-Martin ; Ott, Marion (2008) Myopically forward-looking agents in a network formation game : theory and experimental evidence. Open Access [Working paper]
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