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| Author: | Richards, D. Hays, J. C. |
| Title: | Navigating a nonlinear environment: An experimental study of decision making in a chaotic setting |
| Journal: | Journal of Economic Behavior and Organization
1998 : APR, VOL. 35:3, p. 281-308 |
| Index terms: | STRATEGY LEARNING DECISION MAKING |
| Language: | eng |
| Abstract: | The paper presents experimental results where subjects are placed in a nonlinear game setting with the potential for chaotic dynamics in best-responses. It is explored what behavior emerges from the nonlinear environment, how players make choices in this complex environment, and what strategies are most successful. It is found an assortment of dynamic play in players' choices, ranging from an emergent leader--follower equilibrium to `chaotic' dynamics. It is also found that players who most successfully navigated this complex decision environment, achieving the highest payoffs, were those who relied on an incremental search strategy. |
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