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Quantal Response Equilibrium in Normal-Form Games

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0002
Subject:
Economics and Finance, History of Economic Thought

This chapter lays out the general theory of quantal response equilibrium (QRE) for normal-form games. It starts with the reduced-form approach to QR, based on the direct specification of “regular” ... More


Applications to Political Science

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0008
Subject:
Economics and Finance, History of Economic Thought

This chapter considers a set of closely related binary-choice games that have been applied to model questions in political science. It starts with an analysis of “participation games,” which are ... More


Introduction and Background

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0001
Subject:
Economics and Finance, History of Economic Thought

This introductory chapter provides an overview of the book's main themes. This book focuses on a class of general models, quantal response equilibrium (QRE) models, and its applications to economics, ... More


Quantal Response Equilibrium in Extensive-Form Games

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0003
Subject:
Economics and Finance, History of Economic Thought

This chapter lays out the general theory of quantal response equilibrium (QRE) for extensive-form games. The formulation of the model is necessarily more complicated because timing and information ... More


Heterogeneity

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0004
Subject:
Economics and Finance, History of Economic Thought

Players have different skills, which has implications for the degree to which they make errors. Low-skill hitters in baseball often swing at bad pitches, beginning skiers frequently fall for no ... More


Dynamics and Learning

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0005
Subject:
Economics and Finance, History of Economic Thought

This chapter explores questions related to learning and dynamics. The first part explores dynamic quantal response equilibrium models where strategies are conditioned on observed histories of past ... More


QRE as a Structural Model for Estimation

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0006
Subject:
Economics and Finance, History of Economic Thought

This chapter discusses the use of maximum-likelihood methods to estimate the precision and other parameters of interest, for example, those that capture risk aversion, inequity aversion, altruism, ... More


Applications to Game Theory

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0007
Subject:
Economics and Finance, History of Economic Thought

This chapter explores several applications of quantal response equilibrium (QRE) to specific games in order to illustrate and expand on the wide range of game-theoretic principles and phenomena ... More


Applications to Economics

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0009
Subject:
Economics and Finance, History of Economic Thought

This chapter explores whether the equilibrium effects of noisy behavior can cause large deviations from standard predictions in economically relevant situations. It considers a simple ... More


Epilogue: Some Thoughts about Future Research

Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

in Quantal Response Equilibrium: A Stochastic Theory of Games

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691124230
eISBN:
9781400880928
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691124230.003.0010
Subject:
Economics and Finance, History of Economic Thought

This chapter begins by underscoring the basic philosophy behind the quantal response equilibrium (QRE) framework. First, and perhaps foremost, is that QRE is an equilibrium theory. The second key ... More


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