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Level-k reasoning in contests

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  • Bernard, Mark
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    Abstract

    We introduce level-k reasoning to contest theory, compare its predictions to those of Nash Equilibrium and relate to the experimental evidence.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-4YWC12W-1/2/67893444795d6166c0b76028a9d51924
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 108 (2010)
    Issue (Month): 2 (August)
    Pages: 149-152

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    Handle: RePEc:eee:ecolet:v:108:y:2010:i:2:p:149-152

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Contests Cognitive hierarchy;

    References

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    1. Vincent P. Crawford & Miguel A. Costa-Gomes, 2006. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 96(5), pages 1737-1768, December.
    2. Perez-Castrillo, J David & Verdier, Thierry, 1992. " A General Analysis of Rent-Seeking Games," Public Choice, Springer, vol. 73(3), pages 335-50, April.
    3. Vincent P Crawford & Nagore Iriberri, 2007. "Level-k Auctions: Can a Non-Equilibrium Model of Strategic Thinking Explain the Winner's Curse and Overbidding in Private-Value Auctions?," Levine's Bibliography 321307000000001005, UCLA Department of Economics.
    4. Klaus Abbink & Jordi Brandts & Benedikt Herrmann & Henrik Orzen, 2008. "Inter-Group Conflict and Intra-Group Punishment in an Experimental Contest Game," UFAE and IAE Working Papers 723.08, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    5. Colin F. Camerer & Teck-Hua Ho & Juin-Kuan Chong, 2004. "A Cognitive Hierarchy Model of Games," The Quarterly Journal of Economics, MIT Press, vol. 119(3), pages 861-898, August.
    6. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
    7. Costa-Gomes, Miguel & Crawford, Vincent P & Broseta, Bruno, 2001. "Cognition and Behavior in Normal-Form Games: An Experimental Study," Econometrica, Econometric Society, vol. 69(5), pages 1193-1235, September.
    8. Weibull, Jörgen W., 2000. "Testing Game Theory," Working Paper Series in Economics and Finance 382, Stockholm School of Economics, revised 11 Jan 2001.
    9. Stahl, Dale II & Wilson, Paul W., 1994. "Experimental evidence on players' models of other players," Journal of Economic Behavior & Organization, Elsevier, vol. 25(3), pages 309-327, December.
    10. Stergios Skaperdas, 1996. "Contest success functions (*)," Economic Theory, Springer, vol. 7(2), pages 283-290.
    11. Stahl Dale O. & Wilson Paul W., 1995. "On Players' Models of Other Players: Theory and Experimental Evidence," Games and Economic Behavior, Elsevier, vol. 10(1), pages 218-254, July.
    12. Holt, Charles A & Sherman, Roger, 1994. "The Loser's Curse," American Economic Review, American Economic Association, vol. 84(3), pages 642-52, June.
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