Why do experimental subjects choose an equilibrium which is neither risk nor payoff dominant

Keser, Claudia ; Vogt, Bodo

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URL: http://ub-madoc.bib.uni-mannheim.de/2821
URN: urn:nbn:de:bsz:180-madoc-28216
Document Type: Working paper
Year of publication: 2000
The title of a journal, publication series: None
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: 300 Social sciences, sociology, anthropology
Classification: JEL: C90 C72 ,
Subject headings (SWD): Kooperatives Spiel , Entscheidung , Gleichgewicht , Theorie
Keywords (English): equilibrium selection , modified risk dominance , prominence theory , experimental economics
Abstract: In an experimental 2x2 coordination game with two strict equilibria we observe that, in contrast to equilibrium selection theory (Harsanyi and Selten 1988), only half of the subjects choose the strategy that relates to the payoff- and risk-dominant equilibrium. We propose modified risk dominance as an explanation for the observed deviations from payoff and risk dominance.
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