Bayesian inference for Quantal Response Equilibrium in normal-form games

• 成果类型: Article
• 署名作者: Bland, James R.
• 署名单位: University of Toledo; University System of Ohio; University of Toledo
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2023.05.005
• 发表日期: 2026
• 关键词: STATIONARY CONCEPTS

摘要

This paper develops a framework for estimating Quantal Response Equilibrium models from experimental data using Bayesian techniques. Bayesian techniques offer some advantages over the more commonly-used maximum likelihood approach: (i) more favorable small-sample properties, and (ii) ease of handling unobservable heterogeneity. As Quantal Response Equilibrium is a non-linear model, I also discuss some issues with choosing appropriate priors. Of the twenty-nine models taken to the data, the selected model assumes between-game heterogeneity in choice precision parameter ), and some dispersion around the Quantal Response Equilibrium. Some implications of this model are discussed. (c) 2023 Elsevier Inc. All rights reserved.