Experimental findings and adaptive learning in a five-player Centipede game

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245 10|aExperimental findings and adaptive learning in a five-player Centipede game
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100 1 |aNachbar, Gavin|ecreator
700 1 |aParco, Jim|ethesis advisor
700 1 |a|ecommittee member
710 2 |aEconomics and Business|esponsor
710 2 |aColorado College|edegree grantor
046 |k2014-05
260 |aColorado Springs, Colorado|bColorado College|c2014-05|g2014-05
655 7|athesis|2marcgt
300 |a44 pages : illustrations (some color)
520 |aIn previous two-player experimental versions of the centipede game, the theoretically rational outcome has proven highly paradoxical. In this paper, I report on the findings of an experimental five player, high pay centipede game in a finite-repeated context over 60 rounds. The results show that additional players, and subsequently additional counterfactual conditions, do not necessarily lead to an increase in the Nash-equilibrium outcome. In the five player game, a large portion of the population were found to act as consistent cooperators, which had major effects on other subjects. Using a model of adaptive learning, previous game outcomes are shown to influence play over time. The significance of a lagged-historical based model at the first three decision nodes suggests a large amount of learning within the sessions. The combination of this adaptive play with cooperative types results in a significantly smaller move to Nash than found in an equivalent three player experimental treatment.
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500 |aThe author has given permission for this work to be deposited in the Digital Archive of Colorado College.
500 |aIncludes bibliographical references.
500 |aB.A.
500 |abachelor
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540 |aCopyright restrictions apply.
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856 |uhttp://hdl.handle.net/10176/coccc:9815
500 |aColorado College Honor Code upheld.
650 1 |aCentipede (Game)
650 1 |aVideo games
650 1 |aAltruism
650 1 |aExperimental economics
650 1 |aBackward induction
650 1 |aGame theory
650 1 |aAdaptive learning model