Multidimensional Reasoning in Games: Framework, Equilibrium, and Applications

Author:

Arad Ayala1,Rubinstein Ariel2

Affiliation:

1. Coller School of Management, Tel Aviv University, Tel Aviv, Israel 69978 (email: )

2. School of Economics, Tel Aviv University, Tel Aviv, Israel 69978 and Department of Economics, New York University, New York, NY 10012 (email: )

Abstract

We develop a framework for analyzing multidimensional reasoning in strategic interactions, which is motivated by two experimental findings: (i) in games with a large and complex strategy space, players tend to think in terms of strategy characteristics rather than the strategies themselves; (ii) in their strategic deliberation, players consider one characteristic at a time. A multidimensional equilibrium is a vector of characteristics representing a stable mode of behavior: a player does not wish to modify any one characteristic. The concept is applied to several economic interactions, where a vector of characteristics, rather than a distribution of strategies, is identified as stable. (JEL C72, D11, D91)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

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