When are mixed equilibria relevant?

B-Tier
Journal: Journal of Economic Behavior and Organization
Year: 2021
Volume: 191
Issue: C
Pages: 51-65

Authors (2)

Friedman, Daniel (University of Essex) Zhao, Shuchen (not in RePEc)

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Mixed strategy equilibria — Nash (NE) and maximin (MM) — are cornerstones of game theory, but their empirical relevance has always been questionable. We study in the laboratory two games, each with a unique NE and a unique (and distinct) MM in completely mixed strategies. Treatment variables include the matching protocol (pairwise random vs population mean matching), whether time is discrete or continuous, and whether players can specify explicit mixtures or only pure strategy realizations. NE mixes predict observed behavior relatively well in population mean matching treatments, and predict better than MM in all treatments. However, in most random pairwise treatments, uniform mixes predict better than NE. Regret-based and sign preserving dynamics capture regularities across all treatments.

Technical Details

RePEc Handle
repec:eee:jeborg:v:191:y:2021:i:c:p:51-65
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25