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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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Caltech Authors  


McKelvey, Richard D. -  Palfrey, Thomas R. - 

Id.: 70526487

Versión: 1.0

Estado: Final

Tipo de recurso: Article  -  PeerReviewed  - 

Tipo de Interactividad: Expositivo

Nivel de Interactividad: muy bajo

Audiencia: Estudiante  -  Profesor  -  Autor  - 

Estructura: Atomic

Coste: no

Copyright: sí

Requerimientos técnicos:  Browser: Any - 

Relación: [References] http://resolver.caltech.edu/CaltechAUTHORS:20171128-164515991
[References] https://authors.library.caltech.edu/83557/

Fecha de contribución: 30-nov-2017


* 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. http://resolver.caltech.edu/CaltechAUTHORS:20171128-164515991

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