Analysis on Pirate Game from the perspective of Experimental Economic and Game Theory

Abstract

Ultimatum Game and its experiment done by Güth, Schmittberger, and Schwarze (1982) demonstrates that the practical human choices are not consistent with Game Theory predictions. Whether pirate Game, a multi-player version of Ultimatum Game, yields same phenomenon when analyzed by experimental economics raised the author’s curiosity. The experiment method of the paper is online questionnaire that designed to imitate a real-life situation of Pirate Game and that is analyzed based on GSS’s experiment. The result of the experiment shows that though Pirate Game is a multi-player version of Ultimatum Game, its players possess a similar choice pattern which is also inconsistent with Game Theory predictions.