Payoff levels, loss avoidance, and equilibrium selection in the Stag Hunt: an experimental study

Game theorists typically assume that changing a game's payoff levels--by adding the same constant to, or subtracting it from, all payoffs--should not affect behavior. While this invariance is an implication of the theory when payoffs mirror expected utilities, it is an empirical question when the "payoffs" are actually money amounts. In particular, if individuals treat monetary gains and losses differently, then payoff

• Type: Conference
• Year: 2006
• Where: DAGSTUHL
• Authors: Nicholas Feltovich, Atsushi Iwasaki, Sobei H. Oda
• Keywords: DAGSTUHL 2006, DAGSTUHL 2007, Positive Payoffs, Possible­loss Avoidance, Stag Hunt