NDLI: The shadow of the past: how experience affects behavior in an iterated prisoner’s dilemma experiment

Content Provider	Springer Nature Link
Author	Hennig Schmidt, Heike Leopold Wildburger, Ulrike
Copyright Year	2014
Abstract	We study the development of cooperation in a repeated prisoner’s dilemma experiment with teams as players, unknown length and unknown continuation probability as it could happen between traders regularly. To characterize real-world frictions our players are rematched with a new team twice. In such a situation—often found outside the laboratory—agents can get an idea on the likely duration of future interactions by relying on prior experience. Our main finding is that participants apparently transform the infinite-horizon situation into a finite-horizon situation. Not only do we observe decay in cooperation but also unraveling towards the end of a matching. We found a pronounced restart effect of cooperation that induces a steady rise in average cooperation over matchings. Such an effect is not observed after the unexpected continuation of the third match. Stable cooperation paths of considerable length are induced when both players start the matching with joint cooperative moves. We can draw some interesting conclusions from the behavior of the partners for commercial market situations.
Starting Page	865
Ending Page	878
Page Count	14
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	84
Issue Number	6
e-ISSN	18618928
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2014-01-23
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Repeated prisoner’s dilemma Unknown length Unknown continuation probability Experience Conflict of cooperation Restart effect Business/Management Science Production/Logistics/Supply Chain Organization/Planning Human Resource Management Accounting/Auditing Business Taxation/Tax Law
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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