Does Experience Teach? Professionals and Minimax Play in the Lab

Research output: Contribution to journalArticle

Abstract

Does expertise in strategic behavior obtained in the field transfer to the abstract setting of the laboratory? Palacios-Huerta and Volij (2008) argued that the behavior of professional soccer players in mixed-strategy games conforms closely to minimax play, while the behavior of students (who are presumably novices in strategic situations requiring unpredictability) does not. We reexamine their data, showing that the play of professionals is inconsistent with the minimax hypothesis in several respects: (i) professionals follow nonstationary mixtures, with action frequencies that are negatively correlated between the first and the second half of the experiment, (ii) professionals tend to switch between under- and overplaying an action relative to its equilibrium frequency, and (iii) the distribution of action frequencies across professionals is far from the distribution implied by minimax. In each respect, the behavior of students conforms more closely to the minimax hypothesis.

Original languageEnglish (US)
Pages (from-to)1143-1154
Number of pages12
JournalEconometrica
Volume78
Issue number3
DOIs
StatePublished - May 2010

Keywords

  • Minimax
  • Mixed strategy
  • Nash equilibrium

ASJC Scopus subject areas

  • Economics and Econometrics

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