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American Economic Review: Vol. 98 No. 1 (March 2008)
AER Volume. 98, Issue 1 | 
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On the Empirical Content of Quantal Response Equilibrium
Article Citation
Haile, Philip A.,
Ali Hortaçsu, and
Grigory Kosenok. 2008. "On the Empirical Content of Quantal Response Equilibrium."
American Economic Review,
98(1): 180-200.
DOI: 10.1257/aer.98.1.180
DOI: 10.1257/aer.98.1.180
Abstract
The quantal response equilibrium (QRE) notion of Richard D. McKelvey and
Thomas R. Palfrey (1995) has recently attracted considerable attention, due
in part to its widely documented ability to rationalize observed behavior in
games played by experimental subjects. However, even with strong a priori
restrictions on unobservables, QRE imposes no falsifiable restrictions: it can
rationalize any distribution of behavior in any normal form game. After demonstrating
this, we discuss several approaches to testing QRE under additional
maintained assumptions. (JEL C72, D84)
Article Full-Text Access
Full-text Article
Authors
Haile, Philip A. (Yale U)
Hortaçsu, Ali (U Chicago)
Kosenok, Grigory (New Economic School, Moscow)
Hortaçsu, Ali (U Chicago)
Kosenok, Grigory (New Economic School, Moscow)
JEL Classifications
C72: Noncooperative Games
D84: Expectations; Speculations
D84: Expectations; Speculations
