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On the absorbability of the Guessing Game Theory. A Theoretical and Experimental Analysis

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Author Info

  • Andrea Morone

    ()
    (University of Bari)

  • Serena Sandri

    (University of Dresden)

  • Tobias Uske

    ()
    (uske@econ.mpg.de)

Abstract

Theory absorption, a notion introduced by Morgenstern and Schwödiauer (1972) and further elaborated by Güth and Kliemt (2004), discusses the problem whether a theory can survive its own acceptance. Whereas this holds for strategic equilibria according to the assumptions on which they are based, the problem if theories are absorbable by at most boundedly rational decision makers is hardly discussed. Based on guessing game experiments we discuss the requirements of equilibrium theory absorption and test experimentally the effects of informing none, some or all players about how to derive equilibrium predictions.

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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 0017.

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Length: 1030
Date of creation: Apr 2007
Date of revision: Apr 2007
Handle: RePEc:bai:series:wp0017

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Keywords: theory absorption; guessing game; p-beauty contest; individual behaviour; elimination of dominated strategies;

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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. 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.
  3. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  4. 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.
  5. Werner Güth & Hartmut Kliemt, 2004. "Bounded Rationality and Theory Absorption," Papers on Strategic Interaction 2004-27, Max Planck Institute of Economics, Strategic Interaction Group.
  6. Camerer, Colin F. & Ho, Teck-Hua & Chong, Juin-Kuan, 2002. "Sophisticated Experience-Weighted Attraction Learning and Strategic Teaching in Repeated Games," Journal of Economic Theory, Elsevier, vol. 104(1), pages 137-188, May.
  7. 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.
  8. 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.
  9. James K. Sebenius, 1992. "Negotiation Analysis: A Characterization and Review," Management Science, INFORMS, vol. 38(1), pages 18-38, January.
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Cited by:
  1. 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.
  2. repec:ebl:ecbull:v:3:y:2008:i:9:p:1-9 is not listed on IDEAS
  3. Eugen Kovac & Martin Vojtek & Andreas Ortmann, 2008. "Comparing Guessing Games with homogeneous and heterogeneous players: Experimental results and a CH explanation," Economics Bulletin, AccessEcon, vol. 3(9), pages 1-9.
  4. Morone, Andrea & Fiore, Annamaria & Sandri, Serena, 2007. "On the absorbability of herd behaviour and informational cascades: an experimental analysis," Dresden Discussion Paper Series in Economics 15/07, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  5. Morone, Andrea & Sandri, Serena & Fiore, Annamaria, 2009. "On the absorbability of informational cascades in the laboratory," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 728-738, October.
  6. Morone, Andrea & Morone, Piergiuseppe, 2012. "Individual and group behaviours in the traveller’s dilemma: an experimental study," MPRA Paper 38199, University Library of Munich, Germany.

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