Randomization and Adaptive Learning in a Simplified Poker Game

Thirty pairs of subjects participated in three different two-person zerosum Poker games in extensive form with imperfect and asymmetric information. The results provide no support for the (unique) mixed-strategy equilibrium solution for risk-neutral players on either the individual or the aggregate level. Compared to this solution, the informed players do not bluff as often as they should, and the uninformed players call too often. Comparison of...