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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. doi:10.1006/game.1993.1011.

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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
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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
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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, (
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81118
Deposited By: Tony Diaz
Deposited On:05 Sep 2017 19:46
Last Modified:15 Nov 2021 19:41

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