We report results from the first experimental study of round-robin tournaments. In our experiment, we investigate how the prize structure affects the intensity, fair-ness, and dynamic behavior in sequential round-robin tournaments with three players. We compare tournaments with a second prize...

We examine the fairness and intensity of sequential round-robin tournaments with multiple prizes. With three symmetric players and two prizes, the tournament is completely fair if and only if the second prize is valued half of the first prize, regardless of whether matches are organized as...

We extend Kuhn's Theorem to extensive games with unawareness. This extension is not entirely obvious: First, extensive games with non-trivial unawareness involve a forest of partially ordered game trees rather than just one game tree. An information set at a history in one tree may consist of...

This paper studies adaptive learning in extensive form games and provides conditions for convergence points of adaptive learning to be sequential equilibria. Precisely, we present a set of conditions on learning sequences such that an assessment is a sequential equilibrium if and only if there...

An infinite-horizon perfect-information "centipede" game is studied. The unique subgame-perfect Nash equilibrium (SPNE) in pure strategies has each player choose, at each opportunity, to terminate the game. In contrast, mixed strategies can yield equilibrium cooperation described as follows: for...

We present a model where compensation within a workteam is determined endogenously by the use of a rank-order tournament. Team members compete in their efforts for the right to propose the distribution of a prize within the team. The implementation of a proposal requires the approval of other...

Forward induction, as defined by Govindan and Wilson (2009), places a local dominance condition on off-equilibrium path beliefs restricting relevant strategies for an equilibrium outcome to be infinitely more likely than irrelevant ones. Meanwhile, it places no global dominance restrictions and...

We consider extensive-form games in which players have the option to commit to actions before the game is played. We focus on commitment procedures where players make voluntary irreversible commitments in a prescribed order over the decision nodes. We study whether such commitment procedures may...

This paper provides a self-contained definition and a characterization of the class of extensive-form games that are adequate for applications, but still do not employ any finiteness assumptions. In spite of its simplicity, the resulting definition is more general than the classical ones....