Quantal response equilibria for models of price competition

Gladys Cristina Lopez Acevedo
There is a growing body of data from game theory and industrial organization experiments that reveals systematic deviations from Nash equilibrium behavior. In this thesis, the perfectly rational decision-making embodied in Nash equilibrium is generalized to allow for endogenously determined decision errors. Firms choose among strategies based on their expected payoffs, but make decision errors based on a probabilistic or quantal choice model. Such errors may either be due to mistakes or to unobserved random...
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