Incentive Centered Design

Making the Internet Safe, Fun, and Profitable

STIET News


 In the News: The Huffington Post ran a story on a study by STIET Co-PI, Professor Michael Wellman and STIET Fellow Elaine Wah that shows high-frequency stock trading is bad for profits, including those of high-frequency traders. Wellman also published an op-ed in TechCrunch about the work.

 40 Under 40! Former STIET fellow, Aniket Gune, has been named a Today Brand Innovators "40 Under 40" winner as one of the most innovative marketers under 40. Aniket is the Director of Social Media Acquisition at American Express, building end-to-end word-of-mouth social programs that drive card acquisition.

 Congrats! Former STIET fellow, Christopher Kiekintveld, has been awarded a CAREER grant for research on strategic decision making using computer gaming models.

Contact STIET

STIET Program
University of Michigan
3373 North Quad
105 S. State St.
Ann Arbor, MI 48109-1285
voice (734) 647-6333
fax (734) 615-3587

User login

Nov. 29 Seminar: John Wooders

Date: 
Thu, 11/29/2012 - 4:00pm - 5:30pm
Seminar Information: 

John Wooders

Distinguished Research Professor, University of Technology Sydney

"Blind Stealing: Experience and Expertise in a Mixed-Strategy Poker Experiment"
Location: 

4:00-5:30 pm
UM: 3100 North Quad, 105 S. State St.
WSU: 313 State Hall (via videoconference)

Seminar Description: 

We explore the role of experience in mixed-strategy games by comparing the behavior of novice poker players to the behavior of expert players who have extensive experience playing poker online. Our experimental game is a simplified representation of heads-up play in Texas Hold-em, where one player (the "small blind") has an incentive to steal the ante/blind of the other player (the "big blind"). We find significant differences in their play. The initial frequencies with which experts bet and call are closer to the equilibrium frequencies than are those of novice players. And, while the betting and calling frequencies of both novices and experts exhibit too much heterogeneity to be consistent with minimax play, the frequencies of experts exhibit less heterogeneity. There is no evidence of learning by the experts. In contrast, the betting and calling frequencies of novices move substantially closer to the equilibrium frequencies over the course of the experiment.

Wooders.jpg
Seminar Speaker Bio: 

John Wooders is a Distinguished Research Professor at the University of Technology Sydney. He holds a Ph.D. in Economics from Cornell University. Professor Wooders' research develops novel theory and combines it with data from the field and the laboratory to understand strategic behavior in games and markets.

Website: http://www.finance.uts.edu.au/staff/johnwooders

AttachmentSize
Blind Stealing.pdf430.27 KB