Experimental Economics Seminar for April 8

Events, Seminars | April 1, 2016

Join us for the next ICES Experimental Economics Seminar of the semester, featuring Charlie Holt.

Prof. Holt, of the University of Virginia, will discuss his paper (co-authored with Jacob Goeree and Tom Palfrey) Stochastic Game Theory for Social Science: A Primer on Quantal Response Equilibrium (Abstract, Background Reading). The talk will take place on Friday, April 8th, from 4:00 to 5:00pm, in room 5183 of the Metropolitan Building, Arlington campus.

Visit the Seminar schedule to access the paper and to learn more about upcoming speakers.

Abstract

Quantal response replaces the sharp best responses of standard game theory with smoothed “quantal” responses that incorporate some degree of stochastic behavior. This theory builds elements of probabilistic choice, derived from mathematical psychology, into an equilibrium model in which players’ beliefs that motivate decisions are consistent with the stochastic choices resulting from those decision. This paper provides an introduction to the notion of quantal response equilibrium, with an intuitive graphical representation that clarifies connections to Nash and level-k analysis, and applications to the analysis of some standard non-cooperative games.

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