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Quantal Response EquilibriumA Stochastic Theory of Games$
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Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

Print publication date: 2016

Print ISBN-13: 9780691124230

Published to Princeton Scholarship Online: January 2018

DOI: 10.23943/princeton/9780691124230.001.0001

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Epilogue: Some Thoughts about Future Research

Epilogue: Some Thoughts about Future Research

(p.281) 10 Epilogue: Some Thoughts about Future Research
Quantal Response Equilibrium

Jacob K. Goeree

Charles A. Holt

Thomas R. Palfrey

Princeton University Press

This chapter begins by underscoring the basic philosophy behind the quantal response equilibrium (QRE) framework. First, and perhaps foremost, is that QRE is an equilibrium theory. The second key aspect of the QRE framework is that it is stochastic, and does not rule out any action a priori. The third aspect of the QRE framework is the idea that choice probabilities are monotone in payoffs, but this is a restriction that is not imposed on the original general formulation of structural QRE. The chapter then speculates on the direction of QRE research in the next two decades. The discussion is organized in three sections: “Theory,” “Applications,” and “Methodology.”Each section briefly describes a few examples of areas that offer interesting opportunities for future research in the QRE framework, or bringing QRE analysis to bear on specific problems of interest to social scientists and game theorists.

Keywords:   quantal response equilibrium, QRE reesarch, theory, applications, methodology, game theory, social science

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