Equilibrium selection, similarity judgments, and the "nothing to gain/nothing to lose" effect

• Autores: Jonathan W. Leland
• Localización: Journal of Behavioral Decision Making, ISSN-e 1099-0771, Vol. 26, Nº. 5, 2013, págs. 418-428
• Idioma: inglés
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• Resumen

  • Rubinstein and Leland have both demonstrated that many observed violations of expected and discounted utility can be explained if people employ similarity judgments to make choices. In this paper, I show that this decision process also explains which equilibria will be selected in single-shot games with multiple equilibria and implies that play in games will be associated with anomalies in risky choice. Data supporting these predictions are presented