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1173 results

Page 1 of 59

  • Quantal Response Equilibria for Extensive Form Games

  • Richard D. McKelvey, Thomas R. Palfrey
  • Journal:
    Experimental Economics / Volume 1 / Issue 1 / June 1998
    Published online by Cambridge University Press:
    14 March 2025, pp. 9-41

  • This article investigates the use of standard econometric models for quantal choice to study equilibria of extensive form games. Players make choices based on a quantal-choice model and assume other players do so as well. We define an agent quantal response equilibrium (AQRE), which applies QRE to the agent normal form of an extensive form game and imposes a statistical version of sequential rationality. We also define a parametric specification, called logit-AQRE, in which quantal-choice probabilities are given by logit response functions. AQRE makes predictions that contradict the invariance principle in systematic ways. We show that these predictions match up with some experimental findings by Schotter et al. (1994) about the play of games that differ only with respect to inessential transformations of the extensive form. The logit-AQRE also implies a unique selection from the set of sequential equilibria in generic extensive form games. We examine data from signaling game experiments by Banks et al. (1994) and Brandts and Holt(1993). We find that the logit-AQRE selection applied to these games succeeds in predicting patterns of behavior observed in these experiments, even when our prediction conflicts with more standard equilibrium refinements, such as the intuitive criterion. We also reexamine data from the McKelvey and Palfrey (1992) centipede experiment and find that the AQRE model can account for behavior that had previously been explained in terms of altruistic behavior.

  • Erratum to: Quantal response equilibria for extensive form games

  • Richard D. McKelvey, Thomas R. Palfrey
  • Journal:
    Experimental Economics / Volume 18 / Issue 4 / December 2015
    Published online by Cambridge University Press:
    14 March 2025, pp. 762-763
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  • Introduction

  • Thomas Hardy
  • Edited by N. H. Reeve, Richard Nemesvari, Wilfrid Laurier University, Ontario
  • Book:
    Wessex Tales
    Published online:
    21 January 2025
    Print publication:
    13 February 2025, pp xxxi-cvi

  • Summary

    Wessex Tales is Thomas Hardy’s first collection of stories. Published as two volumes in 1888, it contains some of his best-known short works, including ‘The Three Strangers’, ‘The Withered Arm’ and ‘Fellow-Townsmen’. The longest story in the collection, ‘The Distracted Preacher’, is an exciting tale of smuggling on the Dorset coast based on the recollections of Hardy’s family. The Cambridge copy-text is the first edition of Wessex Tales, but it also includes Hardy’s story ‘An Imaginative Woman’, which was added later in the 1896 Osgood, McIlvaine edition. As with all volumes in the Cambridge Edition, full information on the publication history of the text is provided, along with a complete record of substantive variants. Illustrations include frontispieces for the first American edition along with those for the Osgood, McIlvaine and Wessex Editions. All of the illustrations for ‘An Imaginative Woman’ that appeared with its original publication in the Pall Mall Magazine are also reproduced.

Page 1 of 59