Two Person Bargaining Experiments With Incomplete Information
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Two Person Bargaining Experiments With Incomplete Information
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Author : Bettina Kuon
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Two Person Bargaining Experiments With Incomplete Information written by Bettina Kuon and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Think of the following situation: A project yielding a gross profit of 100 is offered to two firms. The project can only be conducted by a cooperation of the two firms. No firm is able to conduct the project alone. In order to receive the project the firms have to agree on the allocation of the gross profit. Each of both firms has an alternative project it conducts in case the joint project is not realized. The profitability of an allocation of the joint gross profit for a firm depends on the gross profit from its alternative project. The gross profit from an alternative project can be either 0 (low alternative value) or O
Bounded Rationality
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Author : Gerd Gigerenzer
language : en
Publisher: MIT Press
Release Date : 2002-07-26
Bounded Rationality written by Gerd Gigerenzer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-07-26 with Business & Economics categories.
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Litigation And Settlement In A Game With Incomplete Information
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Author : Wolfgang Ryll
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Litigation And Settlement In A Game With Incomplete Information written by Wolfgang Ryll and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
We investigate a two-person game of litigation and settlement with incomplete information on one side. So far, various theoretical attempts have been made to answer the question of why some people choose not to resolve their disputes and instead go to court and incur litigation costs, even if bargaining leaves room for both parties to fare better when avoiding the conflict. We can distinguish between games which focus on strategic elements like games with incomplete information (see, for example, P'ng (1983), Samuelson (1982) and Schweizer (1989» and decision-theoretic models neglecting strategic elements (see, for example, Landes (1971) and Gould (1973». The single-person decision theory approach to litigation assumes litigants to have a subjective estimate of the likelihood that the plaintiff will win the action. Differing views on the probability of winning the court case help to explain the fraction of cases that actually go to trial. Among others, P'ng (1983) points out the shortcomings of the single-person decision theory approach which does not take into account, for example, the different fee systems in England and the U.S. and the differences in information conflicting parties may have. P'ng constructs a model of one-sided incomplete information where the settlement terms are given exogenously. Schweizer (1989), on the other hand, extends P'ng's model and allows for two-sided asymmetric information where the settlement terms are determined endogenously.
Handbook Of Experimental Economics Results
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Author : Charles R. Plott
language : en
Publisher: Elsevier
Release Date : 2008-08-21
Handbook Of Experimental Economics Results written by Charles R. Plott and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-21 with Business & Economics categories.
While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appears blurred and may produce uncertain results. The contributors to this volume have provided brief notes describing specific experimental results.
The Oxford Handbook Of Economic Conflict Resolution
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Author : Gary E. Bolton
language : en
Publisher: Oxford University Press
Release Date : 2012-10-11
The Oxford Handbook Of Economic Conflict Resolution written by Gary E. Bolton and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-11 with Business & Economics categories.
Individuals, groups, and societies all experience and resolve conflict. In this handbook, scholars from multiple disciplines offer perspectives on the current state and future challenges in negotiation and conflict resolution. This confluence of research perspectives will identify further synergies and advances in our understanding of conflict resolution.
The Handbook Of Experimental Economics Volume 2
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Author : John H. Kagel
language : en
Publisher: Princeton University Press
Release Date : 2016-09-20
The Handbook Of Experimental Economics Volume 2 written by John H. Kagel and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-20 with Business & Economics categories.
An indispensable survey of new developments and results in experimental economics When The Handbook of Experimental Economics first came out in 1995, the notion of economists conducting lab experiments to generate data was relatively new. Since then, the field has exploded. This second volume of the Handbook covers some of the most exciting new growth areas in experimental economics, presents the latest results and experimental methods, and identifies promising new directions for future research. Featuring contributions by leading practitioners, the Handbook describes experiments in macroeconomics, charitable giving, neuroeconomics, other-regarding preferences, market design, political economy, subject population effects, gender effects, auctions, and learning and the economics of small decisions. Contributors focus on key developments and report on experiments, highlighting the dialogue between experimenters and theorists. While most of the experiments consist of laboratory studies, the book also includes several chapters that report extensively on field experiments related to the subject area studied. Covers exciting new growth areas in experimental economics Features contributions by leading experts Describes experiments in macroeconomics, charitable giving, neuroeconomics, market design, political economy, gender effects, auctions, and more Highlights the dialogue by experimenters with theorists and each other Includes several chapters covering field experiments related to the subject area studied
The Art Of Experimental Economics
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Author : Gary Charness
language : en
Publisher: Routledge
Release Date : 2021-08-26
The Art Of Experimental Economics written by Gary Charness and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-26 with Business & Economics categories.
Applying experimental methods has become one of the most powerful and versatile ways to obtain economic insights, and experimental economics has especially supported the development of behavioral economics. The Art of Experimental Economics identifies and reviews 20 of the most important papers to have been published in experimental economics in order to highlight the power and methods of this area, and provides many examples of findings in behavioral economics that have extended knowledge in the economics discipline as a whole. Chosen through a combination of citations, recommendations by scholars in the field, and voting by members of leading societies, the 20 papers under review – some by Nobel prize-winning economists – run the full gamut of experimental economics from theoretical expositions to applications demonstrating experimental economics in action. Also written by a leading experimental economist, each chapter provides a brief summary of the paper, makes the case for why that paper is one of the top 20 in the field, discusses the use made of the experimental method, and considers related work to provide context for each paper. These reviews quickly expose readers to the breadth of application possibilities and the methodological issues, leaving them with a firm understanding of the legacy of the papers’ contributions. This text provides a survey of some of the very best research in experimental and behavioral economics and is a valuable resource for scholars and economics instructors, students seeking to develop capability in applying experimental methods, and economics researchers who wish to further explore the experimental approach.
Game Theory And Economic Behaviour
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Author : Reinhard Selten (Economist, Germany)
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999-03-24
Game Theory And Economic Behaviour written by Reinhard Selten (Economist, Germany) and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-24 with categories.
'These two volumes constitute an impressive collection of selected path-breaking works of Professor Selten. . . . Edward Elgar Publications deserve merit for bringing out most frequently-cited and prominent articles of Professor Selten in a conveniently available package.' - K. Ravikumar, Journal of Scientific and Industrial Research In 1994, the Nobel Prize was awarded to Reinhard Selten, John Nash and John Harsanyi, for pioneering analysis in game theory. Selten was the first to refine the Nash equilibrium concept of non-cooperative games for analysing dynamic strategic interaction and to apply these concepts to analyses of oligopoly.
Bounded Rational Behavior In Experimental Games And Markets
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Author : Reinhard Tietz
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Bounded Rational Behavior In Experimental Games And Markets written by Reinhard Tietz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The book reports on recent experimental research on expectations and decision making in bargaining, markets, auctions, or coalition formation situations. The investi- gated topics deliver building stones for a bounded rational theory as an approach to explain behavior and interpersonal interactions in economic and social relationships.
Search Games And Other Applications Of Game Theory
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Author : Andrey Garnaev
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Search Games And Other Applications Of Game Theory written by Andrey Garnaev and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This book is on applications of game theory. The title of this book is not "Game Theory and its Applications" because it does not construct a general theory for considered games. The book contains a lot of examples of applica tion of game theory together with the background of those games considered and a list of unsolved problems. Also we consider only the game where the optimal strategies of the players are found in closed form. This book is an attempt to carryon the approach developed in nice books "Search Games" by Gal and "Geometric Games and their Applications" by Ruckle. The first chapter of this book supplies the required definitions and theorems from game theory. The second chapter deals with discrete search games where both players act simultaneously: the games of protection of a channel from infiltration of a submarine, the submarine versus helicopter game, the matrix search games and others. The third chapter considers the game where the players allocate their contin uousefforts. In these games players face up an alternative either not to come into contest if the cost of efforts seems too high, or come into it. In the last case the player have to decide how much resources they can afford to spend. The allocation models of search, antiballistic protection and marketing are investigated.