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https://hdl.handle.net/2440/138178
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DC Field | Value | Language |
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dc.contributor.author | Kirman, A. | - |
dc.contributor.author | Laisney, F. | - |
dc.contributor.author | Pezanis-Christou, P. | - |
dc.date.issued | 2018 | - |
dc.identifier.issn | 2203-6024 | - |
dc.identifier.uri | https://hdl.handle.net/2440/138178 | - |
dc.description.abstract | The paper reports on market-entry experiments that manipulate both payoff structures and payoff levels to assess two stationary models of behaviour: Exploration vs Exploitation (EvE, which is equivalent to Quantal Response Equilibrium) and Impulse Balance Equilibrium (IBE). These models explain the data equally well in terms of goodness-of-fit whenever the observed probability of entry is less than the symmetric Nash equilibrium prediction; otherwise IBE marginally outperforms EvE. When assuming agents playing symmetric strategies, and estimating the models with session data, IBE yields more theory-consistent estimates than EvE, no matter the payoff structure or level. However, the opposite occurs when the symmetry assumption is relaxed. The conduct of a specification test rejects the validity of the restrictions on entry probabilities imposed by EvE for agents with symmetric strategies, in 50 to 75% of sessions and it always rejects it in the case of IBE, which indicates that the symmetric variant of these models have little empirical support. | - |
dc.description.statementofresponsibility | Alan Kirman, François Laisney, Paul Pezanis-Christou | - |
dc.language.iso | en | - |
dc.publisher | School of Economics, The University of Adelaide | - |
dc.relation.ispartofseries | School of Economics Working Papers; 2018-11 | - |
dc.rights | Copyright the authors | - |
dc.source.uri | https://econpapers.repec.org/paper/adlwpaper/2018-11.htm | - |
dc.subject | congestion games; exploration vs exploitation; quantal response equilibrium; impulse balance equilibrium; specification test; experimental economics | - |
dc.title | Exploration vs Exploitation, impulse balance equilibrium and a specification test for the el farol bar problem | - |
dc.type | Working paper | - |
dc.relation.grant | http://purl.org/au-research/grants/arc/DP140102949 | - |
pubs.publication-status | Published | - |
dc.identifier.orcid | Pezanis-Christou, P. [0000-0001-6521-4139] | - |
Appears in Collections: | Economics Working papers |
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