Games with Unique, Mixed Strategy Equilibria: An Experimental Study

Abstract The results of an experiment studying the choices of subjects playing mixed extensions of three variants of simple 2 × 2 non-constant sum, strictly competitive games of the same form (Matching Pennies) are presented. Subjects exhibited a variety of behavioral, adaptive learning strategies. This heterogeneity of individual behavior produced aggregate dynamics whose estimated steady states are quite different from those predicted by the Nash equilibria of those stage games with asymmetrical payoff functions. The observed aggregative dynamics are well accounted for both by a quantal equilibrium model of McKelvey and Palfrey and by a learning model of Roth and Erev. Journal of Economic Literature Classification Number: C72.