Beyond Equilibrium: Predicting Human Behavior in Normal Form Games

By James Wright

It is standard in multiagent settings to assume that agents will adopt Nash equilibrium strategies.  However, studies in experimental economics demonstrate that Nash equilibrium is a poor description of human players' actual behaviour.  In this study, we consider a wide range of widely-studied models from behavioural game theory. For what we believe is the first time, we evaluate each of these models in a meta-analysis, taking as our data set large-scale and publicly-available experimental data from the literature.  We then propose a modified model that we believe is more suitable for practical prediction of human behaviour.

Visit the LCI Forum page