Mauersberger, Felix; Nagel, Rosemarie - In: Handbook of computational economics : Volume 4: …, (pp. 541-634). 2018
experiments, we employ a non-equilibrium model, the so-called “level-k” model, based on one (or more) reference point(s) and … (limited) iterated best responses. Level-k and related models thus bridge the gap between non-strategic (e.g. irrational …