Impulse balance in the newsvendor game

Autor: Reinhard Selten, Axel Ockenfels
Rok vydání: 2014
Předmět:
Zdroj: Games and Economic Behavior. 86:237-247
ISSN: 0899-8256
DOI: 10.1016/j.geb.2014.03.012
Popis: One striking behavioral phenomenon is the “pull-to-center” bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the expected profit maximizing quantity and mean demand. We show that the impulse balance equilibrium, which is based on a simple ex-post rationality principle along with an equilibrium condition, predicts the pull-to-center bias and other, more subtle observations in the laboratory newsvendor game.
Databáze: OpenAIRE
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