Bayesian Model of Behaviour in Economic Games

Ray, D; King-Casas, B; Montague, PR; Dayan, P

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Bayesian Model of Behaviour in Economic Games

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Citation

Ray, D., King-Casas, B., Montague, P., & Dayan, P. (2009). Bayesian Model of Behaviour in Economic Games. In D. Koller, Y. Bengio, & L. Bottou (Eds.), Advances in neural information processing systems 21 (pp. 1348-1355). Red Hook, NY, USA: Curran.

Cite as: https://hdl.handle.net/21.11116/0000-0002-DE4A-2

Abstract

Classical game theoretic approaches that make strong rationality assumptions have
difficulty modeling human behaviour in economic games. We investigate the role
of finite levels of iterated reasoning and non-selfish utility functions in a Partially
Observable Markov Decision Process model that incorporates game theoretic no-
tions of interactivity. Our generative model captures a broad class of characteristic
behaviours in a multi-round Investor-Trustee game. We invert the generative pro-
cess for a recognition model that is used to classify 200 subjects playing this game
against randomly matched opponents.