Multi-Dimensional Iterative Reasoning in Action: The Case of the Colonel Blotto Game
AbstractWe introduce a novel decision procedure involving multi-dimensional iterative reasoning, in which a player decides separately on the various features of his strategy using an iterative process. This type of strategic reasoning fits a range of complicated situations in which a player faces a large and non-ordered strategy space. In this paper, the procedure is used to explain the results of a large web-based experiment of a tournament version of the Colonel Blotto game. The interpretation of the participantsâ choices as reflecting multi-dimensional iterative reasoning is supported by an analysis of their response times and the relation between the participantsâ behavior in this game and their choices in another game which triggers standard k-level reasoning. Finally, we reveal the most successful strategies in the tournament, which appear to reflect 2â3 levels of reasoning in the two main âdimensionsâ.
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Bibliographic InfoPaper provided by David K. Levine in its series Levine's Working Paper Archive with number 786969000000000497.
Date of creation: 11 Sep 2012
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Other versions of this item:
- Arad, Ayala & Rubinstein, Ariel, 2012. "Multi-dimensional iterative reasoning in action: The case of the Colonel Blotto game," Journal of Economic Behavior & Organization, Elsevier, vol. 84(2), pages 571-585.
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
- D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-22 (All new papers)
- NEP-GTH-2012-09-22 (Game Theory)
- NEP-MIC-2012-09-22 (Microeconomics)
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