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Beauty contested: how much of Keynes' remains in behavioural economics' beauty contests?

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  • Alessandro Lanteri
  • Anna Carabelli

Abstract

In one of the most famous passages of the economic literature, John Maynard Keynes likens the stock market to a beauty contest (BC), in which the winners are those who anticipate the average opinion. In behavioural economics there have recently been attempts at investigating the BC experimentally. We argue that there exist important differences between Keynes' and behavioural economics' BCs. We identify several types of BCs and propose a taxonomy. We also suggest that, in spite of these differences, Keynes' theory of decision under uncertainty is central to understanding the actual behaviour observed in experimental BCs.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09672560903552512
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 18 (2011)
Issue (Month): 2 ()
Pages: 269-285

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Handle: RePEc:taf:eujhet:v:18:y:2011:i:2:p:269-285

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Related research

Keywords: Beauty contest; behavioural economics; Keynes; rationality;

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References

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  1. Güth, Werner & Kocher, Martin G. & Sutter, Matthias, 2002. "Experimental 'beauty contests' with homogeneous and heterogeneous players and with interior and boundary equilibria," Munich Reprints in Economics 18165, University of Munich, Department of Economics.
  2. Tirole, Jean, 1982. "On the Possibility of Speculation under Rational Expectations," Econometrica, Econometric Society, vol. 50(5), pages 1163-81, September.
  3. Alessandro Lanteri & Marco Novarese, 2008. "The beauty of the contest: A novel approach to experimental beauty contests," Economics Bulletin, AccessEcon, vol. 3(52), pages 1-10.
  4. 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.
  5. repec:ebl:ecbull:v:3:y:2008:i:52:p:1-10 is not listed on IDEAS
  6. Novarese, Marco & Lanteri, Alessandro, 2007. "Individual learning: theory formation, and feedback in a complex task," MPRA Paper 3049, University Library of Munich, Germany.
  7. 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.
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Cited by:
  1. Fabio D'Orlando & Eleonora Sanfilippo, 2008. "Behavioral Foundations for the Keynesian Consumption Function," Working Papers 2008-05, Universita' di Cassino, Dipartimento di Scienze Economiche.
  2. Marcuzzo, Maria Cristina, 2012. "Speculation and regulation in commodity markets: The Keynesian approach in theory and practice," MPRA Paper 44131, University Library of Munich, Germany.

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