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来源类型Working Paper
规范类型报告
DOI10.3386/w15609
来源IDWorking Paper 15609
What Happens in the Field Stays in the Field: Exploring Whether Professionals Play Minimax in Laboratory Experiments
Steven D. Levitt; John A. List; David H. Reiley, Jr.
发表日期2009-12-23
出版年2009
语种英语
摘要The minimax argument represents game theory in its most elegant form: simple but with stark predictions. Although some of these predictions have been met with reasonable success in the field, experimental data have generally not provided results close to the theoretical predictions. In a striking study, Palacios-Huerta and Volij (2007) present evidence that potentially resolves this puzzle: both amateur and professional soccer players play nearly exact minimax strategies in laboratory experiments. In this paper, we establish important bounds on these results by examining the behavior of four distinct subject pools: college students, bridge professionals, world-class poker players, who have vast experience with high-stakes randomization in card games, and American professional soccer players. In contrast to Palacios-Huerta and Volij's results, we find little evidence that real-world experience transfers to the lab in these games--indeed, similar to previous experimental results, all four subject pools provide choices that are generally not close to minimax predictions. We use two additional pieces of evidence to explore why professionals do not perform well in the lab: (1) complementary experimental treatments that pit professionals against preprogrammed computers, and (2) post-experiment questionnaires. The most likely explanation is that these professionals are unable to transfer their skills at randomization from the familiar context of the field to the unfamiliar context of the lab.
主题Microeconomics ; Game Theory ; Econometrics ; Experimental Design
URLhttps://www.nber.org/papers/w15609
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/573285
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Steven D. Levitt,John A. List,David H. Reiley, Jr.. What Happens in the Field Stays in the Field: Exploring Whether Professionals Play Minimax in Laboratory Experiments. 2009.
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