Data and code for: M Equilibrium: A Theory of Beliefs and Choices in Games

Principal Investigator(s):  View help for Principal Investigator(s) Jacob K. Goeree, AGORA Center for Market Design, UNSW; Philippos Louis, University of Cyprus

Version:  View help for Version V1

Name File Type Size Last Modified
  Code 08/20/2021 08:42:AM
  Data 08/20/2021 08:42:AM
  Software and instructions 08/20/2021 08:43:AM
README.pdf application/pdf 157 KB 08/20/2021 04:42:AM

Project Citation: 

Goeree, Jacob K., and Louis, Philippos. Data and code for: M Equilibrium: A Theory of Beliefs and Choices in Games. Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-11-19. https://doi.org/10.3886/E145561V1

Project Description

Summary:  View help for Summary We introduce a set-valued solution concept, M equilibrium, to capture empirical regularities from over half a century of game-theory experiments. We show M equilibrium serves as a meta theory for various models that hitherto were considered unrelated. M equilibrium is empirically robust and, despite being set-valued, falsifiable. Results from a series of experiments that compare M equilibrium to leading behavioral-game-theory models demonstrate its virtues in predicting observed choices and stated beliefs. Data from experimental games with a unique pure-strategy Nash equilibrium and multiple M equilibria exhibit coordination problems that could not be anticipated through the lens of existing models.

Scope of Project

Subject Terms:  View help for Subject Terms human behavior; economic behavior; games
JEL Classification:  View help for JEL Classification
      C72 Noncooperative Games
      C92 Design of Experiments: Laboratory, Group Behavior
Collection Date(s):  View help for Collection Date(s) 9/1/2018 – 10/31/2018

Methodology

Sampling:  View help for Sampling A random sample of individuals registered with the UCY - LExEcon standard subject pool was invited through email and registered at a first-come-first-served basis to the available experimental sessions. Role assignment within each session was randomized.
Collection Mode(s):  View help for Collection Mode(s) other

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V1 [2021-11-19]

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