Rational reasoning or adaptive behavior? Evidence from two-person beauty contest games

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Grosskopf, Brit; Nagel, Rosemarie. Rational reasoning or adaptive behavior? Evidence from two-person beauty contest games. 2007
http://hdl.handle.net/10230/686
To cite or link this document: http://hdl.handle.net/10230/686
dc.contributor.author Grosskopf, Brit
dc.contributor.author Nagel, Rosemarie
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.issued 2007-06-01
dc.identifier.uri http://hdl.handle.net/10230/686
dc.description.abstract Many experiments have shown that human subjects do not necessarily behave in line with game theoretic assumptions and solution concepts. The reasons for this non-conformity are multiple. In this paper we study the argument whether a deviation from game theory is because subjects are rational, but doubt that others are rational as well, compared to the argument that subjects, in general, are boundedly rational themselves. To distinguish these two hypotheses, we study behavior in repeated 2-person and many-person Beauty- Contest-Games which are strategically different from one another. We analyze four different treatments and observe that convergence toward equilibrium is driven by learning through the information about the other player’s choice and adaptation rather than self-initiated rational reasoning.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1068
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Rational reasoning or adaptive behavior? Evidence from two-person beauty contest games
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2014-06-03T07:14:21Z
dc.subject.keyword Behavioral and Experimental Economics
dc.subject.keyword beauty contest
dc.subject.keyword guessing game
dc.subject.keyword bounded rationality
dc.subject.keyword weak dominance
dc.subject.keyword learning
dc.rights.accessRights info:eu-repo/semantics/openAccess


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