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Arms or Legs: Isomorphic Dutch Auctions and Centipede Games

Author

Listed:
  • James C. Cox
  • Duncan James

Abstract

Centipede games and Dutch auctions provide important instances in which game theory fails empirically. The reasons for these empirical failures are not well understood. Standard centipede games and Dutch auctions differ from each other in terms of their Institutional Format (IF), Dynamic Structure (DS), and Information Environment (IE). This paper introduces new games that are constructed from centipede games and Dutch auctions by interchanging some of their IF, DS, and IE characteristics. The new games are introduced in isomorphic pairs. Experiment treatments with pairs of new isomorphic games provide data that yield insights into the effects on behavior of games' IF, DS, and IE characteristics.

Suggested Citation

  • James C. Cox & Duncan James, 2010. "Arms or Legs: Isomorphic Dutch Auctions and Centipede Games," Experimental Economics Center Working Paper Series 2010-01, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University, revised Aug 2011.
    • Handle: RePEc:exc:wpaper:2010-01
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    File URL: http://excen.gsu.edu/workingpapers/GSU_EXCEN_WP_2010-01.pdf
    File Function: First version, 2010
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    File URL: http://excen.gsu.edu/workingpapers/GSU_EXCEN_WP_2011-11.pdf
    File Function: Revised version, 2011
    Download Restriction: no
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    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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