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Experimental 'beauty contests' with homogeneous and heterogeneous players and with interior and boundary equilibria

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  • Guth, Werner
  • Kocher, Martin
  • Sutter, Matthias

Abstract

We study behavior in experimental beauty contests with, first, boundary and interior equilibria, and, second, homogeneous and heterogenous types of players. We find quicker and better convergence to the game-theoretic equilibrium with interior equilibria and homogeneous players.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 74 (2002)
Issue (Month): 2 (January)
Pages: 219-228

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Handle: RePEc:eee:ecolet:v:74:y:2002:i:2:p:219-228

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  1. Duffy, John & Nagel, Rosemarie, 1997. "On the Robustness of Behaviour in Experimental "Beauty Contest" Games," Economic Journal, Royal Economic Society, vol. 107(445), pages 1684-1700, November.
  2. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, vol. 1(2), pages 115-131, September.
  3. Antoni Bosch-Dom?nech & Jose Garcia-Montalvo & Rosemarie Nagel & Albert Satorra, 2002. "One, two, (three), infinity: Newspaper and lab beauty-contest experiments," Artefactual Field Experiments 00011, The Field Experiments Website.
  4. Bolle, Friedel & Ockenfels, Peter, 1990. "Prisoners' Dilemma as a game with incomplete information," Journal of Economic Psychology, Elsevier, vol. 11(1), pages 69-84, March.
  5. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
  6. Martin G. Kocher & Matthias Sutter, 2004. "The Decision Maker Matters: Individual versus Group Behaviour in Experimental Beauty-Contest Games," Papers on Strategic Interaction 2004-09, Max Planck Institute of Economics, Strategic Interaction Group.
  7. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  8. McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, vol. 10(1), pages 6-38, July.
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Citations

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Cited by:
  1. Eugen Kovac & Martin Vojtek & Andreas Ortmann, 2008. "Comparing Guessing Games with homogeneous and heterogeneous players: Experimental results and a CH explanation," Economics Bulletin, AccessEcon, vol. 3(9), pages 1-9.
  2. Matthias Sutter, 2004. "Are four heads better than two? An experimental beauty-contest game with teams of different size," Papers on Strategic Interaction 2004-15, Max Planck Institute of Economics, Strategic Interaction Group.
  3. Andrea, Morone & Piergiuseppe, Morone, 2008. "Boundary and interior equilibria: what drives convergence in a ‘beauty contest’?," MPRA Paper 9584, University Library of Munich, Germany.
  4. Martin G. Kocher & Matthias Sutter, 2005. "The Decision Maker Matters: Individual Versus Group Behaviour in Experimental Beauty-Contest Games," Economic Journal, Royal Economic Society, vol. 115(500), pages 200-223, 01.
  5. Andrea Morone & Serena Sandri & Tobias Uske, 2006. "On the absorbability of the Guessing Game Theory - A Theoretical and Experimental Analysis," Papers on Strategic Interaction 2006-33, Max Planck Institute of Economics, Strategic Interaction Group.
  6. repec:dgr:uvatin:2007015 is not listed on IDEAS
  7. Sonnemans, J. & Tuinstra, J., 2010. "Positive expectations feedback experiments and number guessing games as models of financial markets (revised version of WP 08-07)," CeNDEF Working Papers 10-08, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  8. Sonnemans, Joep & Tuinstra, Jan, 2010. "Positive expectations feedback experiments and number guessing games as models of financial markets," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 964-984, December.
  9. Kocher, Martin & Strau[ss], Sabine & Sutter, Matthias, 2006. "Individual or team decision-making--Causes and consequences of self-selection," Games and Economic Behavior, Elsevier, vol. 56(2), pages 259-270, August.
  10. Alessandro Lanteri & Anna Carabelli, 2008. "Beauty Contested. How much of Keynes’ remains in Behavioural Economics Beauty Contests?," ICER Working Papers 20-2008, ICER - International Centre for Economic Research.
  11. Sutan, Angela & Willinger, Marc, 2009. "Guessing with negative feedback: An experiment," Journal of Economic Dynamics and Control, Elsevier, vol. 33(5), pages 1123-1133, May.
  12. Shu-Heng Chen & Ye-Rong Du & Lee-Xieng Yang, 2014. "Cognitive capacity and cognitive hierarchy: a study based on beauty contest experiments," Journal of Economic Interaction and Coordination, Springer, vol. 9(1), pages 69-105, April.
  13. Andrea Morone & Piergiuseppe Morone, 2007. "Guessing Games and People Behaviours: What Can we Learn?," series 0015, Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari, revised Feb 2007.
  14. Luccasen, R. Andrew, 2013. "Does context promote higher-level thinking in the beauty contest?," Economics Letters, Elsevier, vol. 121(3), pages 421-424.
  15. repec:dgr:uvatin:2008076 is not listed on IDEAS

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