Time horizon and cooperation in continuous time

• Autores: Maria Bigoni, Marco Casari, Andrzej Skrzypacz, Giancarlo Spagnolo
• Localización: Econométrica: Journal of the Econometric Society, ISSN 0012-9682, Vol. 83, Nº 2, 2015, págs. 587-616
• Idioma: inglés
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• Resumen

  • We study social dilemmas in (quasi-) continuous-time experiments, comparing games with different durations and termination rules. We discover a stark qualitative contrast in behavior in continuous time as compared to previously studied behavior in discrete-time games: cooperation is easier to achieve and sustain with deterministic horizons than with stochastic ones, and end-game effects emerge, but subjects postpone them with experience. Analysis of individual strategies provides a basis for a simple reinforcement learning model that proves to be consistent with this evidence. An additional treatment lends further support to this explanation.