Quantal Response Equilibrium
★★★★★
★★★★★
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€70.99
Regular price
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A01=Charles A. Holt
A01=Charles Holt
A01=Jacob K. Goeree
A01=Thomas R. Palfrey
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Age Group_Uncategorized
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Almost surely
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Author_Charles A. Holt
Author_Charles Holt
Author_Jacob K. Goeree
Author_Thomas R. Palfrey
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Average Price
Base rate fallacy
Bayesian
Bayesian game
Calculation
Category1=Non-Fiction
Category=PBUD
Centipede game
Continuous game
Coordination game
COP=United States
Corner solution
Delivery_Delivery within 10-20 working days
Discrete choice
Divine equilibrium
Double auction
Dynamic programming
eq_isMigrated=2
Error term
Estimation
Extensive-form game
Externality
Fair coin
Folk theorem (game theory)
Forecast error
Free parameter
Generalized extreme value distribution
Grim trigger
Inference
Intuitive criterion
Joint probability distribution
Language_English
Law of demand
Least squares
Limiting factor
Logistic regression
Logit
Markov chain
Markov perfect equilibrium
Markov process
Markov strategy
Matching Pennies
Mathematical optimization
Maximum likelihood estimation
Multinomial distribution
Mutual exclusivity
Nash equilibrium
Non-linear least squares
Normal distribution
PA=Available
Parameter
Pareto efficiency
Poisson distribution
Post hoc analysis
Potential game
Prediction
Price_€50 to €100
Prisoner's dilemma
Probability
Probability distribution
Probit model
PS=Active
Quantal response equilibrium
Random element
Rationalizability
Risk aversion
Sequential equilibrium
softlaunch
Stationary distribution
Student's t-test
Subgame perfect equilibrium
Symmetric equilibrium
Traveler's dilemma
Trembling hand perfect equilibrium
Utility
Voting
Winner's curse
Product details
- ISBN 9780691124230
- Weight: 595g
- Dimensions: 152 x 235mm
- Publication Date: 28 Jun 2016
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Hardback
- Language: English
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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.
Jacob K. Goeree is a Distinguished Research Professor and head of the Economics Discipline Group at the University of Technology Sydney. Charles A. Holt is the A. Willis Robertson Professor of Political Economy at the University of Virginia. Thomas R. Palfrey is the Flintridge Foundation Professor of Economics and Political Science at the California Institute of Technology.
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