McKelvey, Richard D. and Palfrey, Thomas R. (1995) Quantal response equilibria for normal form games. Games and Economic Behavior, 10 (1). pp. 6-38. ISSN 0899-8256. doi:10.1006/game.1995.1023. https://resolver.caltech.edu/CaltechAUTHORS:20171128-164515991
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Abstract
We investigate the use of standard statistical models for quantal choice in a game theoretic setting. Players choose strategies based on relative expected utility and assume other players do so as well. We define a quantal response equilibrium (ORE) as a fixed point of this process and establish existence. For a logit specification of the error structure, we show that as the error goes to zero, QRE approaches a subset of Nash equilibria and also implies a unique selection from the set of Nash equilibria in generic games. We fit the model to a variety of experimental data sets by using maximum likelihood estimation.
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| Additional Information: | © 1995 Academic Press. Received March 18, 1994. We acknowledge the support of National Science Foundation Grant SBR-9223701 to the California Institute of Technology and the support of the JPL-Caltech supercomputer project. We thank Barry O'Neill, Richard Boebel, Jack Ochs, and Amnon Rapoport for sharing their data. We acknowledge valuable discussions with Mahmoud El-Gamal and Mark Fey, helpful comments at several conference and seminar presentations, suggestions by a referee, and the research assistance of Yan Chen and Eugene Grayver. Formerly SSWP 883. | |||||||||
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| Issue or Number: | 1 | |||||||||
| Classification Code: | JEL: C19, C44, C72, C92 | |||||||||
| DOI: | 10.1006/game.1995.1023 | |||||||||
| Record Number: | CaltechAUTHORS:20171128-164515991 | |||||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20171128-164515991 | |||||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | |||||||||
| ID Code: | 83557 | |||||||||
| Collection: | CaltechAUTHORS | |||||||||
| Deposited By: | Jacquelyn Bussone | |||||||||
| Deposited On: | 29 Nov 2017 23:46 | |||||||||
| Last Modified: | 15 Nov 2021 20:12 |
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