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Cognitive effort in the Beauty Contest Game

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  • Brañas-Garza, Pablo
  • García-Muñoz, Teresa
  • González, Roberto Hernán

Abstract

This paper analyzes cognitive effort in 6 different oneshot p-beauty games. We use both Raven and Cognitive Reflection tests to identify subjects’ abilities. We find that the Raven test does not provide any insight on Beauty Contest Game playing but CRT does: subjects with higher scores on this test are more prone to play dominant strategies. The results are confirmed when levels of reasoning instead of entries in the BCG are used.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 83 (2012)
Issue (Month): 2 ()
Pages: 254-260

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Handle: RePEc:eee:jeborg:v:83:y:2012:i:2:p:254-260

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

Related research

Keywords: Beauty Contest Game; Raven; Cognitive Reflection Test;

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References

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  1. Espinosa Alejos, María Paz & Brañas Garza, Pablo & Rey Biel, Pedro, 2008. "Travellers’ Types," DFAEII Working Papers 2010-03, University of the Basque Country - Department of Foundations of Economic Analysis II.
  2. 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.
  3. David Gill & Victoria Prowse, 2013. "Cognitive ability and learning to play equilibrium: A level-k analysis," Economics Series Working Papers 641, University of Oxford, Department of Economics.
  4. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2008. "Cognitive Abilities and Behavioral Biases," IZA Discussion Papers 3481, Institute for the Study of Labor (IZA).
  5. Daniel J. Benjamin & Sebastian A. Brown & Jesse M. Shapiro, 2006. "Who is “Behavioral”? Cognitive Ability and Anomalous Preferences," Levine's Working Paper Archive 122247000000001334, David K. Levine.
  6. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2009. "Are Risk Aversion and Impatience Related to Cognitive Ability?," CESifo Working Paper Series 2620, CESifo Group Munich.
  7. Antoine J. Bruguier & Steven R. Quartz & Peter Bossaerts, 2010. "Exploring the Nature of "Trader Intuition"," Journal of Finance, American Finance Association, vol. 65(5), pages 1703-1723, October.
  8. Brañas-Garza, Pablo & Guillen, Pablo & del Paso, Rafael López, 2008. "Math skills and risk attitudes," Economics Letters, Elsevier, vol. 99(2), pages 332-336, May.
  9. Weber, Roberto A., 2003. "'Learning' with no feedback in a competitive guessing game," Games and Economic Behavior, Elsevier, vol. 44(1), pages 134-144, July.
  10. Burnham, Terence C. & Cesarini, David & Johannesson, Magnus & Lichtenstein, Paul & Wallace, Björn, 2009. "Higher cognitive ability is associated with lower entries in a p-beauty contest," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 171-175, October.
  11. Brañas-Garza, Pablo & Espinosa, María Paz & Rey-Biel, Pedro, 2011. "Travelers’ types," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1), pages 25-36.
  12. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  13. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  14. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
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Citations

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Cited by:
  1. Meub, Lukas & Proeger, Till, 2014. "The impact of communication regimes on group rationality: Experimental evidence," Center for European, Governance and Economic Development Research Discussion Papers 185, University of Goettingen, Department of Economics.
  2. Duffy, Sean & Smith, John, 2012. "Cognitive load in the multi-player prisoner's dilemma game: Are there brains in games?," MPRA Paper 38825, University Library of Munich, Germany.
  3. 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.
  4. David Gill & Victoria Prowse, 2013. "Cognitive ability and learning to play equilibrium: A level-k analysis," Economics Series Working Papers 641, University of Oxford, Department of Economics.
  5. Fehr, Dietmar & Huck, Steffen, 2013. "Who knows It is a game? On rule understanding, strategic awareness and cognitive ability," Discussion Papers, Research Unit: Economics of Change SP II 2013-306, Social Science Research Center Berlin (WZB).
  6. Chen, Chia-Ching & Chiu, I-Ming & Smith, John & Yamada, Tetsuji, 2013. "Too smart to be selfish? Measures of cognitive ability, social preferences, and consistency," Journal of Economic Behavior & Organization, Elsevier, vol. 90(C), pages 112-122.
  7. William Nilsson & Tomás del Barrio Castro, 2013. "Simulation Assisted Learning in Statistics: How Important are Students’ Characteristics?," DEA Working Papers 56, Universitat de les Illes Balears, Departament d'Economía Aplicada.
  8. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Fetal testosterone (2D:4D) as predictor of cognitive reflection," Working Papers 13-18, Chapman University, Economic Science Institute.
  9. Allred, Sarah & Duffy, Sean & Smith, John, 2013. "Cognitive Load and Strategic Sophistication," MPRA Paper 47997, University Library of Munich, Germany.
  10. María Cubel & Santiago Sanchez-Pages, 2014. "Gender differences and stereotypes in the beauty contest," Working Papers 2014/13, Institut d'Economia de Barcelona (IEB).
  11. Mikhail Drugov & Roberto Hernán-González & Praveen Kujal & Marta Troya Martinez, 2013. "Cheap Talk with Two Audiences: An Experiment," Working Papers 13-32, Chapman University, Economic Science Institute.
  12. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Can exposure to prenatal sex hormones (2D:4D) predict cognitive reflection?," Working Papers 698, Barcelona Graduate School of Economics.

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