Erkut Yusuf Özbay

Learn More
Nash equilibrium can be interpreted as a steady state where players hold correct beliefs about the other players’ behavior and act rationally. We experimentally examine the process that leads to this steady state. Our results indicate that some players emerge as “teachers” — those subjects who, by their actions, try to influence the beliefs of their(More)
One way to define a Nash equilibrium is by positing a set of beliefs (or conjectures) for each player over (about) the actions of their opponents that has the property that, given these beliefs, when each player best responds, the actions taken confirm the initial beliefs. This rational expectations definition leaves open the question of how beliefs and(More)
Binary relations representable by utility functions with multiplicative error are considered. It is proved that if the error is a power of utility then the underlying binary relation is either an interval order, or a semiorder. Moreover, semiorders can be characterized among interval orders by the magnitude of the power of utility that is used in the form(More)
  • 1