||Team vs. Individual, Hypothesis Testing vs. Model Selection, and the Minimax Model
||We report results of an experiment comparing team and individual behavior in a two-player zero-sum game, and assess the predictive power of the minimax model. Based on hypothesis testing, the play of teams is consistent with the minimax hypothesis in the first half of the experiment, but the play of teams in the second half, and that of individuals in both halves are not. Based on model selection, the aggregated behavior of teams in the first half is best fitted by a belief-based learning model, whereas that of teams in the second half and that of individuals in both halves are best fitted by the minimax model. At the decision-maker level, the minimax model is best for about half of the teams and individuals.
|Revised version published in