Risk Dominance, Payoff Dominance and Probabilistic Choice Learning

@inproceedings{Battalio1997RiskDP,
  title={Risk Dominance, Payoff Dominance and Probabilistic Choice Learning},
  author={Raymond C. Battalio and Larry Samuelson and John B. Van Huyck},
  year={1997}
}
This paper reports an experiment comparing three stag hunt games that have the same best-response correspondence. The games have the same expected payoff from the mixed equilibrium, but differ in t he pecuniary incentive a player has to play a best response to other mixtu es. In each game, risk dominance conflicts with payoff dominance and sele cts an inefficient pure strategy equilibrium. We find statisticall y and economically significant evidence that the expected earnings differ enc helps… CONTINUE READING

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