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Against Game Theory, Gale M. Lucas, Mathew D. Mccubbins, Mark Turner
Against Game Theory, Gale M. Lucas, Mathew D. Mccubbins, Mark Turner
Faculty Scholarship
People make choices. Often, the outcome depends on choices other people make. What mental steps do people go through when making such choices? Game theory, the most influential model of choice in economics and the social sciences, offers an answer, one based on games of strategy such as chess and checkers: the chooser considers the choices that others will make and makes a choice that will lead to a better outcome for the chooser, given all those choices by other people. It is universally established in the social sciences that classical game theory (even when heavily modified) is bad at …
The Mythology Of Game Theory, Mathew D. Mccubbins, Mark Turner, Nick Weller
The Mythology Of Game Theory, Mathew D. Mccubbins, Mark Turner, Nick Weller
Faculty Scholarship
Non-cooperative game theory is at its heart a theory of cognition, specifically a theory of how decisions are made. Game theory's leverage is that we can design different payoffs, settings, player arrays, action possibilities, and information structures, and that these differences lead to different strategies, outcomes, and equilibria. It is well-known that, in experimental settings, people do not adopt the predicted strategies, outcomes, and equilibria. The standard response to this mismatch of prediction and observation is to add various psychological axioms to the game-theoretic framework. Regardless of the differing specific proposals and results, game theory uniformly makes certain cognitive assumptions …
The Theory Of Minds Within The Theory Of Games, Mathew D. Mccubbins, Mark Turner, Nicholas Weller
The Theory Of Minds Within The Theory Of Games, Mathew D. Mccubbins, Mark Turner, Nicholas Weller
Faculty Scholarship
Classical rationality as accepted by game theory assumes that a human chooser in a given moment has consistent preferences and beliefs and that actions result consistently from those preferences and beliefs, and moreover that these preferences, beliefs, and actions remain the same across equal choice moments. Since, as is widely found in prior experiments, subjects do not follow the predictions of classical rationality, behavioral game theorists have assumed consistent deviations from classical rationality by assigning to subjects certain dispositions— risk preference, cognitive abilities, social norms, etc. All of these theories are fundamentally cognitive theories, making claims about how individual human …
Connected Coordination: Network Structure And Group Coordination, Mathew D. Mccubbins, Ramamohan Paturi, Nicholas Weller
Connected Coordination: Network Structure And Group Coordination, Mathew D. Mccubbins, Ramamohan Paturi, Nicholas Weller
Faculty Scholarship
Networks can affect a group’s ability to solve a coordination problem. We utilize laboratory experiments to study the conditions under which groups of subjects can solve coordination games. We investigate a variety of different network structures, and we also investigate coordination games with symmetric and asymmetric payoffs. Our results show that network connections facilitate coordination in both symmetric and asymmetric games. Most significantly, we find that increases in the number of network connections encourage coordination even when payoffs are highly asymmetric. These results shed light on the conditions that may facilitate coordination in real-world networks.
Knowing When To Trust Others: An Erp Study Of Decision-Making After Receiving Information From Unknown People, Cheryl Boudreau, Mathew D. Mccubbins, Seana Coulson
Knowing When To Trust Others: An Erp Study Of Decision-Making After Receiving Information From Unknown People, Cheryl Boudreau, Mathew D. Mccubbins, Seana Coulson
Faculty Scholarship
To address the neurocognitive mechanisms that underlie choices made after receiving information from an anonymous individual, reaction times (Experiment 1) and event-related brain potentials (Experiment 2) were recorded as participants played 3 variants of the Coin Toss game. In this game, participants guess the outcomes of unseen coin tosses after a person in another room (dubbed “the reporter”) observes the coin toss outcomes and then sends reports (which may or may not be truthful) to participants about whether the coins landed on heads or tails. Participants knew that the reporter's interests either were aligned with their own (Common Interests), opposed …