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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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File URL: http://www.sciencedirect.com/science/article/B6V84-44MFP6C-D/2/2c88bb51606eb635d11a74a4526fef5e
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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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References

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  1. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  2. 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.
  3. 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.
  4. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
  5. 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.
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Citations

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Cited by:
  1. 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.
  2. Martin Kocher & Sabine Strauß & Matthias Sutter, 2004. "Individual or team decision-making - Causes and consequences of self-selection," Papers on Strategic Interaction 2004-31, Max Planck Institute of Economics, Strategic Interaction Group.
  3. repec:dgr:uvatin:2007015 is not listed on IDEAS
  4. Kocher, Martin G. & Sutter, Matthias, 2005. "The decision maker matters: Individual versus group behaviour in experimental beauty-contest games," Munich Reprints in Economics 18213, University of Munich, Department of Economics.
  5. 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.
  6. 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.
  7. 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.
  8. Andrea Morone & Piergiuseppe Morone, 2010. "Boundary and interior equilibria: what drives convergence in a ‘beauty contest'?," Economics Bulletin, AccessEcon, vol. 30(3), pages 2097-2106.
  9. 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.
  10. Alessandro Lanteri & Anna Carabelli, 2011. "Beauty contested: how much of Keynes' remains in behavioural economics' beauty contests?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(2), pages 269-285.
  11. Luccasen, R. Andrew, 2013. "Does context promote higher-level thinking in the beauty contest?," Economics Letters, Elsevier, vol. 121(3), pages 421-424.
  12. repec:dgr:uvatin:2008076 is not listed on IDEAS
  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.

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