Homo Sapiens Sapiens Meets Homo Strategicus at the Laboratory
AbstractHomo 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 two to three iterations of reasoning on average.
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Bibliographic InfoPaper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 08/16.
Date of creation: Apr 2008
Date of revision: Nov 2008
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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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-29 (All new papers)
- NEP-CBE-2008-04-29 (Cognitive & Behavioural Economics)
- NEP-EXP-2008-04-29 (Experimental Economics)
- NEP-HPE-2008-04-29 (History & Philosophy of Economics)
- NEP-KNM-2008-04-29 (Knowledge Management & Knowledge Economy)
- NEP-UPT-2008-04-29 (Utility Models & Prospect Theory)
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