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Quantal response equilibria


Goeree, Jacob K; Holt, Charles A; Palfrey, Thomas R (2008). Quantal response equilibria. In: Durlauf, Steven N; Blume, Lawrence E. The new Palgrave dictionary of economics, Ed. 2. New York: Palgrave Macmillan, online.

Abstract

A quantal response specifies choice probabilities that are smooth, increasing functions of expected payoffs. A quantal response equilibrium has the property that the choice distributions match the belief distributions used to calculate expected payoffs. This stochastic generalization of the Nash equilibrium provides strong empirical restrictions that are generally consistent with data from laboratory experiments with human subjects. We define the concept of regular quantal response equilibrium and discuss several applications from the recent literature.

A quantal response specifies choice probabilities that are smooth, increasing functions of expected payoffs. A quantal response equilibrium has the property that the choice distributions match the belief distributions used to calculate expected payoffs. This stochastic generalization of the Nash equilibrium provides strong empirical restrictions that are generally consistent with data from laboratory experiments with human subjects. We define the concept of regular quantal response equilibrium and discuss several applications from the recent literature.

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Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2008
Deposited On:06 Feb 2012 20:21
Last Modified:05 Apr 2016 15:34
Publisher:Palgrave Macmillan
ISBN:978-0-333-78676-5
Permanent URL: https://doi.org/10.5167/uzh-58312

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