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Fictitious Play: A Statistical Study of Multiple Economic Experiments

Boylan, Richard T. and El-gamal, Mahmoud A. (1993) Fictitious Play: A Statistical Study of Multiple Economic Experiments. Games and Economic Behavior, 5 (2). pp. 205-222. ISSN 0899-8256. https://resolver.caltech.edu/CaltechAUTHORS:20170905-075651312

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Abstract

We propose a methodology for combining a number of experiments to make an overall assessment of the empirical justifiability of certain economic hypotheses. We illustrate our methodology by an application to models of learning in repeated games. The application of our proposed (purely Bayesian) procedure allows us to combine two sets of experiments (for a total of nine experiments) to update our beliefs on the relative justifiability of the Cournot and the fictitious play learning hypotheses. The experiments we analyzed indicate that the fictitious play hypothesis is impressively more likely than the Cournot hypothesis.


Item Type:Article
Related URLs:
URLURL TypeDescription
https://doi.org/10.1006/game.1993.1011DOIArticle
http://www.sciencedirect.com/science/article/pii/S0899825683710110PublisherArticle
http://resolver.caltech.edu/CaltechAUTHORS:20170831-163228230Related ItemWorking Paper
Additional Information:© 1993 Academic Press. We thank Bob Forsythe and Gary Miller for giving us access to their data. We thank an anonymous referee and the editor in charge for comments that helped substantially to improve the paper.
Issue or Number:2
Classification Code:JEL: 026, 211, 215
Record Number:CaltechAUTHORS:20170905-075651312
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20170905-075651312
Official Citation:Richard T. Boylan, Mahmoud A. El-Gamal, Fictitious Play: A Statistical Study of Multiple Economic Experiments, Games and Economic Behavior, Volume 5, Issue 2, April 1993, Pages 205-222, ISSN 0899-8256, https://doi.org/10.1006/game.1993.1011. (http://www.sciencedirect.com/science/article/pii/S0899825683710110)
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81118
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:05 Sep 2017 19:46
Last Modified:03 Oct 2019 18:39

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