Download or read book Testing the Foundations of Quantal Response Equilibrium written by Mathew D. McCubbins and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantal response equilibrium (QRE) has become a popular alternative to the standard Nash equilibrium concept in game theoretic applications. It is well known that human subjects do not regularly choose Nash equilibrium strategies. It has been hypothesized that subjects are limited by strategic uncertainty or that subjects have broader social preferences over the outcome of games. These two factors, among others, make subjects boundedly-rational. QRE, in essence, adds a logistic error function to the strict, knife-edge predictions of Nash equilibria. What makes QRE appealing, however, also makes it very difficult to test, because almost any observed behavior may be consistent with different parameterizations of the error function. We present the first steps of a research program designed to strip away the underlying causes of the strategic errors thought to be modeled by QRE. If these causes of strategic error are correct explanations for the deviations, then their removal should enable subjects to choose Nash equilibrium strategies. We find, however, that subjects continue to deviate from predictions even when the reasons presumed by QRE are removed. Moreover, the deviations are different for each and every game, and thus QRE would require the same subjects to have different error parame-terizations. While we need more expansive testing of the various causes of stra-tegic error, in our judgment, therefore, QRE is not useful at predicting human behavior, and is of limited use in explaining human behavior across even a small range of similar decisions.
Download or read book On the Empirical Content of Quantal Response Equilibrium written by Philip A. Haile and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press, USA. This book was released on 2019-12-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This sixth volume of The Foundations of Behavioral Economic Analysis covers behavioral models of learning. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines evolutionary game theory, models of learning, and stochastic social dynamics. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioral economics.
Download or read book Social Computing Behavioral Cultural Modeling and Prediction written by Ariel M. Greenberg and published by Springer. This book was released on 2013-03-02 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the proceedings of the 6th International Conference on Social Computing, Behavioral-Cultural Modeling and Prediction, SBP 2013, held in Washington, DC, USA in April 2013. The total of 57 contributions, which consists of papers and posters, included in this volume was carefully reviewed and selected from 137 submissions. This conference is strongly committed to multidisciplinarity, consistent with recent trends in computational social science and related fields. The topics covered are: behavioral science, health sciences, military science and information science. There are also many papers that provide methodological innovation as well as new domain-specific findings.
Download or read book General Principles of Law written by Stefan Vogenauer and published by Bloomsbury Publishing. This book was released on 2017-06-15 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining general principles of law provides one of the most instructive examples of the intersection between EU law and comparative law. This collection draws on the expertise of high-profile and distinguished scholars to provide a critical examination of this interaction. It shows how general principles of EU law need to be responsive to national laws. In addition, it is clear that the laws of the Member States have no choice but to be responsive to the general principles which are developed through EU law. Viewed through the perspective of proportionality, legal certainty, and fundamental rights, the dynamic relationship between the ingenuity of the Court of Justice, the legislative process and the process of Treaty revision is comprehensively illustrated.
Download or read book Quantal Response Equilibrium written by Jacob K. Goeree and published by Princeton University Press. This book was released on 2016-06-28 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences. Quantal Response Equilibrium spans the range from basic theoretical foundations to examples of how the principles yield useful predictions and insights in strategic settings, including voting, bargaining, auctions, public goods provision, and more. The approach provides a natural framework for estimating the effects of behavioral factors like altruism, reciprocity, risk aversion, judgment fallacies, and impatience. New theoretical results push the frontiers of models that include heterogeneity, learning, and well-specified behavioral modifications of rational choice and rational expectations. The empirical relevance of the theory is enhanced by discussion of data from controlled laboratory experiments, along with a detailed users' guide for estimation techniques. Quantal Response Equilibrium makes pioneering game-theoretic methods and interdisciplinary applications available to a wide audience.
Download or read book Research Methods in Consumer Law written by Hans-W. Micklitz and published by Edward Elgar Publishing. This book was released on with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer law is worthy of greater academic attention at a time when many new questions arise and old ones need new answers. This unique handbook takes the reader on a journey through existing literature, research questions and methods. It builds on the state of the art to offer a springboard for jumping to the heart of contemporary issues and equips researchers with a starter’s kit to weave together rich traditions, ranging from socio-economics to behavioural analysis.
Download or read book The Origin of Ideas written by Mark Turner and published by Oxford University Press. This book was released on 2014-01-02 with total page 595 pages. Available in PDF, EPUB and Kindle. Book excerpt: What makes human beings so innovative, so adept at rapid, creative thinking? Where do new ideas come from, and once we have them, how can we carry them mentally into new situations? What allows our thinking to range easily over time, space, causation, and agency-so easily that we take this truly remarkable ability for granted? In The Origin of Ideas, Mark Turner offers a provocative new theory to answer these and many other questions. While other species do what we cannot-fly, run amazingly fast, see in the dark-only human beings can innovate so rapidly and widely. Turner argues that this distinctively human spark was an evolutionary advance that developed from a particular kind of mental operation, which he calls "blending": our ability to take two or more ideas and create a new idea in the "blend." Turner begins by looking at the "lionman," a 32,000-year-old ivory figurine, one of the earliest examples of blending. Here, the concepts "lion" and "man" are merged into a new figure, the "lionman." Turner argues that at some stage during the Paleolithic Age, humans reached a tipping point. Before that, we were a bunch of large, unimaginative mammals. After that, we were poised to take over the world. Once biological evolution hit upon making brains that could do advanced blending, we possessed the capacity to invent and maintain culture. Cultural innovation could then progress by leaps and bounds over biological evolution itself, leading to the highest forms of human cognition and creativity. For anyone interested in how and why our minds work the way they do, The Origin of Ideas offers a wealth of original insights-and is itself a brilliant example of the innovative thinking it describes.
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit S. Dhami and published by Oxford University Press. This book was released on 2016 with total page 1799 pages. Available in PDF, EPUB and Kindle. Book excerpt: It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models and the reference time theory. Part IV describes the evidence on classical game theory and considers several models of behavioral game theory, including level-k and cognitive hierarchy models, quantal response equilibrium, and psychological game theory. Part V considers behavioral models of learning that include evolutionary game theory, classical models of learning, experience weighted attraction model, learning direction theory, and stochastic social dynamics. Part VI studies the role of emotions; among other topics it considers projection bias, temptation preferences, happiness economics, and interaction between emotions and cognition. Part VII considers bounded rationality. The three main topics considered are judgment heuristics and biases, mental accounting, and behavioral finance.
Download or read book The Foundations of Positive and Normative Economics written by Andrew Caplin and published by Oxford University Press. This book was released on 2010-06-25 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Foundations of Positive and Normative Economics: A Handbook is the first book in a new series by Andrew Caplin and Andrew Schotter. There is currently no guide available on the rapidly changing methodological frontiers of the field of economics. Economists have been introducing new theories and new sources of data at a remarkable rate in recent years, and there are widely divergent views both on how productive these expansions have been in the past, and how best to make progress in the future. The speed of these changes has left economists ill at ease, and has created a backlash against new methods. The series will debate these critical issues, allowing proponents of a particular research method to present proposals in a safe yet critical context, with alternatives being clarified. This first volume, written by some of the most prominent researchers in the discipline, reflects the challenges that are opened by new research opportunities. The goal of the current volume and the series it presages, is to formally open a dialog on methodology. The editors' conviction is that such a debate will rebound to the benefit of social science in general, and economics in particular. The issues under discussion strike to the very heart of the social scientific enterprise. This work is of tremendous importance to all who are interested in the contributions that academic research can make not only to our scientific understanding, but also to matters of policy.
Download or read book Handbook of Utility Theory written by Salvador Barbera and published by Springer Science & Business Media. This book was released on 2004-03-31 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of the social sciences. Though this hypothesis of utility maximization deserves our continued respect, finding further refinements and developing new critiques remain areas of active research. In fact, many fundamental conceptual problems remain unsettled. Where others have been resolved, their resolutions may be too recent to have achieved widespread understanding among social scientists. Last but not least, a growing number of papers attempt to challenge the rationality hypothesis head on, at least in its more orthodox formulation. The main purpose of this Handbook is to make more widely available some recent developments in the area. Yet we are well aware that the final chapter of a handbook like this can never be written as long as the area of research remains active, as is certainly the case with utility theory. The editors originally selected a list of topics that seemed ripe enough at the time that the book was planned. Then they invited contributions from researchers whose work had come to their attention. So the list of topics and contributors is largely the editors' responsibility, although some potential con tributors did decline our invitation. Each chapter has also been refereed, and often significantly revised in the light of the referees' remarks.
Download or read book Evaluating Methodology in International Studies written by Frank P. Harvey and published by University of Michigan Press. This book was released on 2009-12-11 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evaluating Methodology in International Studies offers a unique collection of original essays by world-renowned political scientists. The essays address the state of the discipline in regard to the methodology of researching global politics, focusing in particular on formal modeling, quantitative methods, and qualitative approaches in International Studies. The authors reflect on the strengths and weaknesses of current methodology and suggest ways to advance theory and research in International Studies. This volume is essential reading for methods courses and will be of interest to scholars and students alike. See table of contents and excerpts. Frank P. Harvey is Professor of Political Science and Director of the Centre for Foreign Policy Studies at Dalhousie University. Michael Brecher is the R.B. Angus Professor of Political Science at McGill University and past president of the International Studies Association. Millennial Reflections on International Studies This volume is part of the Millennial Reflections on International Studies project in which forty-five prominent scholars engage in self-critical, state-of-the-art reflection on international studies to stimulate debates about successes and failures and to address the larger questions of progress in the discipline. Other paperbacks from this project: Realism and Institutionalism in International Studies Conflict, Security, Foreign Policy, and International Political Economy: Past Paths and Future Directions in International Studies Critical Perspectives in International Studies The full collection of essays is available in the handbook Millennial Reflections on International Studies.
Download or read book Handbook of Experimental Game Theory written by C. M. Capra and published by Edward Elgar Publishing. This book was released on 2020-10-30 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this Handbook is twofold: to educate and to inspire. It is meant for researchers and graduate students who are interested in taking a data-based and behavioral approach to the study of game theory. Educators and students of economics will find the Handbook useful as a companion book to conventional upper-level game theory textbooks, enabling them to compare and contrast actual behavior with theoretical predictions. Researchers and non-specialists will find valuable examples of laboratory and field experiments that test game theoretic propositions and suggest new ways of modeling strategic behavior. Chapters are organized into several sections; each section concludes with an inspirational chapter, offering suggestions on new directions and cutting-edge topics of research in experimental game theory.
Download or read book Handbook of Behavioral Economics Foundations and Applications 2 written by and published by Elsevier. This book was released on 2019-01-29 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics, Volume 2, Foundations and Applications offers critical perspectives on theoretical work within behavioral economics, delivering a comprehensive, critical, up-to-date, and accessible review of the field that has always been missing. This literature summary of the conceptual foundations underlying behavioral economics is written by, and for, economists, with chapters covering Intertemporal choice, Reference-dependent preferences, Beliefs, Cognition, Social preferences, Behavioral game theory, Welfare, and Neuroeconomics. - Helps academic and non-academic economists understand recent rapid changes in theoretical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics
Download or read book Experimental Political Science and the Study of Causality written by Rebecca B. Morton and published by Cambridge University Press. This book was released on 2010-08-06 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increasingly, political scientists use the term 'experiment' or 'experimental' to describe their empirical research. One of the primary reasons for doing so is the advantage of experiments in establishing causal inferences. In this book, Rebecca B. Morton and Kenneth C. Williams discuss in detail how experiments and experimental reasoning with observational data can help researchers determine causality. They explore how control and random assignment mechanisms work, examining both the Rubin causal model and the formal theory approaches to causality. They also cover general topics in experimentation such as the history of experimentation in political science; internal and external validity of experimental research; types of experiments - field, laboratory, virtual, and survey - and how to choose, recruit, and motivate subjects in experiments. They investigate ethical issues in experimentation, the process of securing approval from institutional review boards for human subject research, and the use of deception in experimentation.
Download or read book Handbook of Contemporary Behavioral Economics written by Morris Altman and published by Routledge. This book was released on 2015-01-30 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: At a time when both scholars and the public demand explanations and answers to key economic problems that conventional approaches have failed to resolve, this groundbreaking handbook of original works by leading behavioral economists offers the first comprehensive articulation of behavioral economics theory. Borrowing from the findings of psychologists, sociologists, political scientists, legal scholars, and biologists, among others, behavioral economists find that intelligent individuals often tend not to behave as effectively or efficiently in their economic decisions as long held by conventional wisdom. The manner in which individuals actually do behave critically depends on psychological, institutional, cultural, and even biological considerations. "Handbook of Contemporary Behavioral Economics" includes coverage of such critical areas as the Economic Agent, Context and Modeling, Decision Making, Experiments and Implications, Labor Issues, Household and Family Issues, Life and Death, Taxation, Ethical Investment and Tipping, and Behavioral Law and Macroeconomics. Each contribution includes an extensive bibliography.
Download or read book Bounded Rationality and Behavioural Economics written by Graham Mallard and published by Routledge. This book was released on 2015-08-14 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.
