Bounded Rational Behavior in Experimental Games and Markets: by Reinhard Tietz (auth.), Prof. Dr. Reinhard Tietz, Prof. Dr.

By Reinhard Tietz (auth.), Prof. Dr. Reinhard Tietz, Prof. Dr. Wulf Albers, Prof. Dr. Reinhard Selten (eds.)

The booklet studies on fresh experimental learn on expectancies and selection making in bargaining, markets, auctions, or coalition formation occasions. The investi- gated themes convey construction stones for a bounded rational thought as an method of clarify habit and interpersonal interactions in financial and social relationships.

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Extra info for Bounded Rational Behavior in Experimental Games and Markets: Proceedings of the Fourth Conference on Experimental Economics, Bielefeld, West Germany, September 21–25, 1986

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1975): Belief, attitude, intention and behavior. Reading Massachusetts. W. (1973): Toward a model of interpersonal motivation in experimental games, Behavioral Science, 18, pp. 173-188. /Wendt, D. (1986): Egoismus und Altruismus in sozialen Dilemmata, Forschungsbericht Uber das DFG Projekt WE 13/7-3, lnstitut fUr Psychologie der Universitat Kiel, in Vorbereitung. Hardin, G. (1968): The tragedy of the commons, Science, 162, pp. 12431248. M. (1973): To join or not to join: An approach to the unionization decision, Organizational Behavior and Human Performance, 10, pp.

Dardanoni 58 and a pointer would be spun on a circular disc with circumference continuously calibrated from 0 to 100. If the pointer stopped at a number m less than n the subject would get paid the Ex; otherwise the pointer would be spun again. If on this second spin it stopped before m the subject would get E(2x - 2); otherwise (that is, if it stopped between m and 100 on the second spin) they would get paid E2. Clearly, if the subjects are expected utility maximisers then the answer n they would give would satisfy = U(Ex) (n/lOO)U(E(2x - 2)) + (1 - n/lOO)U(E2).

The income in tokens will vary randomly from period to period. You can obtain information from the computer about the likely values of future incomes. " As the subject could discover, if he or she so wished, the token incomes in each period were independently and identically normally distributed with mean and standard deviation cr = 4. 022314x)]. (17) Note that this is of the form of (12), with R value of the mean token income is £6. 022314. ) The beauty of the above experimental set up is that, under one assumption, it is identical in structure to the optimal consumption problem discussed earlier.

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