Classical and team reasoning in the Centipede Game
David Sklar
Abstract:This study analyses behaviour in non‐zero‐sum finite multi‐stage games, particularly the Centipede Game. The classical Nash Equilibrium fails to explain empirical behaviour and intuitive logic and has therefore been challenged. This paper introduces the ‘Pure Collective Equilibrium’, or PCE, which describes the equilibrium reached when agents assess their utility not by their own payoffs but by the mean collective payoff of the team, as outlined by some team‐reasoning hypotheses. Classical behaviour and purely… Show more
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