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Publication year
M Equilibrium: A Theory of Beliefs and Choices in Games
Resource type
Authors/contributors
- Goeree, Jacob K. (Author)
- Louis, Philippos (Author)
Title
M Equilibrium: A Theory of Beliefs and Choices in Games
Abstract
We introduce a set-valued solution concept, M equilibrium, to capture empirical regularities from over half a century of game theory experiments. We show M equilibrium serves as a meta theory for various models that hitherto were considered unrelated. M equilibrium is empirically robust and, despite being set-valued, falsifiable. Results from a series of experiments that compare M equilibrium to leading behavioral game theory models demonstrate its virtues in predicting observed choices and stated beliefs. Data from experimental games with a unique pure-strategy Nash equilibrium and multiple M equilibria exhibit coordination problems that could not be anticipated through the lens of existing models.
Publication
American Economic Review
Volume
111
Issue
12
Pages
4002-45
Date
2021-12
Citation
Goeree, J. K., & Louis, P. (2021). M Equilibrium: A Theory of Beliefs and Choices in Games. American Economic Review, 111, 4002–4045.
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