Traveler S Dilemma

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An Analysis Of The Traveler S Dilemma With Experimental Evidence

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Author : Eduard A. Pelz
language : en
Publisher:
Release Date : 1999

An Analysis Of The Traveler S Dilemma With Experimental Evidence written by Eduard A. Pelz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Game theory categories.

Game theory studies how people should respond in strategic situations and is naturally used for predictive purposes. The optimal strategy predictions yielded by game theoretic reasoning can be surprising when they conflict with preconceived notions of how to play, i.e. the "common sense" strategy. Consequently, the game theoretically optimal strategy may be a poor predictor of how individuals actually behave in real-life strategic situations. In order to accurately model such situations for predictive purposes it is important to know the limitations of the current game theoretic tools. In the traveler's dilemma, Kaushik Basu presents a parable to illustrate how game theoretic reasoning and intuition can be at odds. The parable is as follows: Two travelers are returning home from a vacation where they purchased identical souvenirs. These souvenirs are, of course, routinely destroyed by the airline. The souvenirs were purchased with cash in an open-air market and as a result the travelers do not have receipts. The airline official in charge of damage claims wants to compensate the travelers fairly but has no way of determining the actual purchase price of the souvenirs. In an attempt to avoid spurious claims the official proposes a method to determine the amount awarded. Each traveler must submit a claim that lies between a known minimum and maximum. (The minimum bound can be thought of as that level of claim below which the airline never disputes for cost reasons and the maximum bound can be thought of as the most the airline's insurance company would pay absent a special policy). If the claims submitted are equal then both receive the amount claimed. However, if traveler 1 submits a lower claim than traveler 2, traveler 1 is considered "honest" and receives the lower claim plus a reward for honesty (ideally in frequent flyer miles thereby ensuring that the airline will have an opportunity to destroy those items which it missed on the first pass). Traveler 2 also receives the lower claim but in addition a symmetric penalty for "lying" is levied. Travelers report their claims simultaneously i.e., without knowledge of the other traveler's claim. This ensures that simple, collusive agreements cannot be reached because any such agreement involves a non-credible promise (the rewards are structured such that there it is never in a rational player's best interest to play as he agreed). Game theoretic analysis suggests that two rational players will report the minimum claim. Moreover, this result is a direct consequence of both players attempting to maximize their individual payoff. Adoption of this strategy does not, on the face of it, appear to be the best strategy because both players can clearly improve their payoff simply by submitting random large claims.

Experts Playing The Traveler S Dilemma

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Author : Tilman Becker
language : en
Publisher:
Release Date : 2005

Experts Playing The Traveler S Dilemma written by Tilman Becker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

The Travelers Dilemma

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Author : Caden Carruthers
language : en
Publisher:
Release Date : 2021-07-12

The Travelers Dilemma written by Caden Carruthers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-12 with Fiction categories.

When a routine mission goes awry, a team of expert time travel detectives must go back to the 1800's to solve an unsolvable mystery. Will this team of scientists, survivalists, engineers, strategists, and more be able to fix their time machine, solve the Prince's Peril, and save their friend?

Introspection In One Shot Traveler S Dilemma Games

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Author :
language : en
Publisher:
Release Date : 2004

Introspection In One Shot Traveler S Dilemma Games written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

Traveler S Dilemma

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Author : Sreenidhi Hassan
language : en
Publisher:
Release Date : 2014

Traveler S Dilemma written by Sreenidhi Hassan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

“A crow,” it has been said, “shouts danger, on seeing a meal, to ward off its fellas”. However, it fails every time. Perhaps, suspicion is hardwired into their minds. A behavior to suspect altruism of a fellow crow earns them a meal. Traveler's Dilemma, a simple game designed by Kaushik Basu (1994), is one problem that baffles Economists for repeatedly resulting in “non-rational” choices. In spite of sufficient proofs supporting the existence of a Nash Equilibrium (and hence a rational choice), practical experiments and empirical research shows that (time and again), people (even game theorists) choose to make non-rational choices and consistently obtain better payoffs than had they opted for the rational choice. In his article (Basu 2007), Basu tries to attribute these outcomes to behaviors like altruism, socialization and faulty reasoning. This paper revisits the problem in an attempt to force the travelers to the Nash Equilibrium and hence choose the rational option.

Uncertainty In The Traveler S Dilemma

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Author : Gilad Bavly
language : en
Publisher:
Release Date : 2011

Uncertainty In The Traveler S Dilemma written by Gilad Bavly and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

The Traveler S Dilemma And Its Backward Induction Argument

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Author : Paul Daniels
language : en
Publisher:
Release Date : 2007

The Traveler S Dilemma And Its Backward Induction Argument written by Paul Daniels and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

Traveler's Dilemma -- Backward Induction -- Paradox -- Game Theory.

Ill Defined Versus Precise Pre Play Communication In The Traveler S Dilemma

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Author : Sujoy Chakravarty
language : en
Publisher:
Release Date : 2009

Ill Defined Versus Precise Pre Play Communication In The Traveler S Dilemma written by Sujoy Chakravarty and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

Basu (1994) argues that claims above the Nash equilibrium in the Traveler's Dilemma may be an equilibrium in a model where rational players use reasoning in ill-defined categories. In this model, players may form beliefs over ill-defined strategies such as "choosing a high claim" and best respond to these beliefs with high claims. We investigate this argument in a laboratory experiment with pre-play communication. We find that pre-play communication in ill-defined categories does not help raise claims. Surprisingly, claims are highest when players can communicate using precise numerical messages even though, theoretically, such communication fails to be self-enforcing in this environment.

The Effects Of Common Advice On One Shot Traveler S Dilemma Games

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Author : C. Mónica Capra
language : en
Publisher:
Release Date : 2003

The Effects Of Common Advice On One Shot Traveler S Dilemma Games written by C. Mónica Capra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Anchors Of Strategic Reasoning In The Traveler S Dilemma

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Author : Hanh T. Tong
language : en
Publisher:
Release Date : 2021

Anchors Of Strategic Reasoning In The Traveler S Dilemma written by Hanh T. Tong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.