Quantal Response Equilibrium: A Stochastic Theory of Games
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...
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Princeton, NJ
Princeton University Press
[2016]
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| Subjects: | |
| Online Access: | DE-1046 DE-1043 DE-858 DE-859 DE-860 DE-739 DE-473 Volltext |
| Summary: | 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 |
| Item Description: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) |
| Physical Description: | 1 online resource (328 pages) 45 line illus. 45 tables |
| ISBN: | 9781400880928 |
| DOI: | 10.1515/9781400880928 |
Staff View
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| illustrated | Illustrated |
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| isbn | 9781400880928 |
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| spelling | Goeree, Jacob K. Verfasser aut Quantal Response Equilibrium A Stochastic Theory of Games Jacob K. Goeree, Thomas R. Palfrey, Charles A. Holt Princeton, NJ Princeton University Press [2016] © 2016 1 online resource (328 pages) 45 line illus. 45 tables txt rdacontent c rdamedia cr rdacarrier Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) 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 In English BUSINESS & ECONOMICS / Economics / Theory bisacsh Game theory Holt, Charles A. Sonstige oth Palfrey, Thomas R. Sonstige oth https://doi.org/10.1515/9781400880928 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Goeree, Jacob K. Quantal Response Equilibrium A Stochastic Theory of Games BUSINESS & ECONOMICS / Economics / Theory bisacsh Game theory |
| title | Quantal Response Equilibrium A Stochastic Theory of Games |
| title_auth | Quantal Response Equilibrium A Stochastic Theory of Games |
| title_exact_search | Quantal Response Equilibrium A Stochastic Theory of Games |
| title_exact_search_txtP | Quantal Response Equilibrium A Stochastic Theory of Games |
| title_full | Quantal Response Equilibrium A Stochastic Theory of Games Jacob K. Goeree, Thomas R. Palfrey, Charles A. Holt |
| title_fullStr | Quantal Response Equilibrium A Stochastic Theory of Games Jacob K. Goeree, Thomas R. Palfrey, Charles A. Holt |
| title_full_unstemmed | Quantal Response Equilibrium A Stochastic Theory of Games Jacob K. Goeree, Thomas R. Palfrey, Charles A. Holt |
| title_short | Quantal Response Equilibrium |
| title_sort | quantal response equilibrium a stochastic theory of games |
| title_sub | A Stochastic Theory of Games |
| topic | BUSINESS & ECONOMICS / Economics / Theory bisacsh Game theory |
| topic_facet | BUSINESS & ECONOMICS / Economics / Theory Game theory |
| url | https://doi.org/10.1515/9781400880928 |
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