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Persistent link: https://www.econbiz.de/10005275928
Using the experimental sessions of Goeree and Holt (2005), we show that step thinking fits the long-run outcome of minimum-effort and median-effort games surprisingly well for all values of the cost parameter. In the latter, the predicted discontinuous behaviour of step thinking accommodates the...
Persistent link: https://www.econbiz.de/10010678832