Guessing Games and People Behaviours: What Can we Learn?
AbstractIn this paper we address the topic of guessing games. By developing a generalised theory of naïveté, we show how Güth et al..s result (i.e. convergence toward interior equilibria is faster than convergence toward boundary equilibria) is compatible with Nagel.s theory of boundedly rational behaviour. However, we also show how, under new model parameterisation, neither Güth et al..s story of convergence towards interior equilibria, nor Nagel.s theory of boundedly rational behaviour are verified. We conclude that the results of Nagel (1995) and Güth et al. (2002), however interesting, are severely affected by the ad hoc parameterisation chosen for the game.
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Bibliographic InfoPaper provided by Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari in its series series with number 0015.
Date of creation: Feb 2007
Date of revision: Feb 2007
game; p-beauty contest; individual behaviour;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-02-10 (All new papers)
- NEP-CBE-2007-02-10 (Cognitive & Behavioural Economics)
- NEP-EXP-2007-02-10 (Experimental Economics)
- NEP-GTH-2007-02-10 (Game Theory)
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