Econometrica Vol. 83 No. 2 2015
Time Horizon and Cooperation in Continuous Time
Abstract
We study social dilemmas in (quasi-) continuous-time experiments, comparing games with different durations and termination rules. We discover a stark qualitative contrast in behavior in continuous time as compared to previously studied behavior in discrete-time games: cooperation is easier to achieve and sustain with deterministic horizons than with stochastic ones, and end-game effects emerge, but subjects postpone them with experience. Analysis of individual strategies provides a basis for a simple reinforcement learning model that proves to be consistent with this evidence. An additional treatment lends further support to this explanation.
- DOI
- 10.3982/ecta11380
- Volume
- 83
- Issue
- 2
- Pages
- 587-616
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref