On the Empirical Content of Quantal Response Equilibrium

Philip A. Haile · Alı Hortaçsu · Grigory Kosenok

223 citations0/0 files storedAmerican Economic Review

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Experimental Behavioral Economics Studies Decision-Making and Behavioral Economics Game Theory and Applications

Abstract

The quantal response equilibrium (QRE) notion of Richard D. McKelvey and Thomas R. Palfrey (1995) has recently attracted considerable attention, due in part to its widely documented ability to rationalize observed behavior in games played by experimental subjects. However, even with strong a priori restrictions on unobservables, QRE imposes no falsifiable restrictions: it can rationalize any distribution of behavior in any normal form game. After demonstrating this, we discuss several approaches to testing QRE under additional maintained assumptions. (JEL C72, D84)

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1995Automobile Prices in Market Equilibrium 2000Mixed MNL models for discrete response 1994Estimating Discrete-Choice Models of Product Differentiation 1995Quantal Response Equilibria for Normal Form Games 1960Individual Choice Behavior: A Theoretical Analysis.1962Individual Choice Behavior 1978MODELING THE CHOICE OF RESIDENTIAL LOCATION 1992Discrete Choice Theory of Product Differentiation

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