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Guessing Games and People Behaviours: What Can we Learn?

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Author Info

  • Andrea Morone

    ()
    (University of Bari Department of Economics)

  • Piergiuseppe Morone

    ()
    (Università degli Studi di Foggia)

Abstract

In 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 Info

Paper provided by Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari in its series series with number 0015.

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Length: 672
Date of creation: Feb 2007
Date of revision: Feb 2007
Handle: RePEc:bai:series:wp0015

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Related research

Keywords: game; p-beauty contest; individual behaviour;

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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. 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.
  3. 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.
  4. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  5. 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.
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Citations

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Cited by:
  1. Andrea Morone & Serena Sandri & Tobias Uske, 2007. "On the absorbability of the Guessing Game Theory. A Theoretical and Experimental Analysis," series 0017, Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari, revised Apr 2007.
  2. Monica DUDIAN, 2011. "Innovative Clusters: The Case Of Romania," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 3(3), pages 1-11, September.
  3. 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.
  4. Andrea Morone & Piergiuseppe Morone, 2012. "Individual and Group Behaviours in the Traveller's Dilemma: An Experimental Study," Working Papers 2012/09, Economics Department, Universitat Jaume I, Castellón (Spain).

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