Incomplete Information Models of Guilt Aversion in the Trust Game

摘要: In the theory of psychological games it is assumed that players’ preferences on material consequences depend endogenous beliefs. Most applications this theoretical framework assume utility functions representing such are common knowledge. But often unrealistic. particular, cannot be true in experimental where players subjects drawn at random from a population. Therefore an incomplete-information methodology called for. We take first step direction focusing models guilt aversion Trust Game. consider two alternative modeling assumptions: (i) depends role played game, because only “trustee” can feel for letting co-player down, (ii) independent game. show how set Bayesian equilibria changes as upper-bound sensitivity varies, and we compare with complete-information case. Our analysis illustrates approach to help organize results