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Market Concentration, Price Dispersion and Inefficient Cross-hauling in the Laboratory
(Private Enterprise Research Center, Texas A&M University, 2014-04-01)
This paper presents experimental evidence suggesting that persistent price dispersion that violates the law of one price may be a disequilibrium phenomena. Increasing market concentration increases the pecuniary incentive ...
Testing Risk Dominance and Payoff Dominance in Repeated Global Stag Hunt Games
(Private Enterprise Research Center, Texas A&M University, 2014-04-01)
In any 22 global game, Carlsson and van Damme (1993b) showed that the game has a unique dominance solvable equilibrium that corresponds to the risk dominant equilibrium of the related common knowledge game with multiple ...
Does Playing Against an Error Prone Opponent Influence Learning in Nim?
(Private Enterprise Research Center, Texas A&M University, 2014-04-01)
When learning to play a game well, does it help to play against an opponent who makes the same sort of mistakes one tends to make or is it better to play against a procedurally rational algorithm, which never makes mistakes? ...