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Homo Sapiens Sapiens Meets Homo Strategicus at the Laboratory

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Author Info
Ludovic Renou ()
Ralph C. Bayer ()

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Abstract

Homo Strategicus populates the vast plains of Game Theory. He knows all logical implications of his knowledge (logical omniscience) and chooses optimal strategies given his knowledge and beliefs (rationality). This paper investigates the extent to which the logical capabilities of Homo Sapiens Sapiens resemble those possessed by Homo Strategicus. Controlling for other-regarding preferences and beliefs about the rationality of others, we show, in the laboratory, that the ability of Homo Sapiens Sapiens to perform complex chains of iterative reasoning is much better than previously thought. Subjects were able to perform about three iterations of reasoning on average.

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File URL: http://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp08-16.pdf
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Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 08/16.

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Date of creation: Apr 2008
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Handle: RePEc:lec:leecon:08/16

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Related research
Keywords: iterative reasoning depth of reasoning logical omniscience rationality experiments other-regarding preferences

Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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  1. Ludovic Renou & Karl Schlag, 2008. "Minimax regret and strategic uncertainty," Economics Working Papers 1087, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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This page was last updated on 2008-7-24.


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