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Experimental 'beauty contests' with homogeneous and heterogeneous players and with interior and boundary equilibria

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  • Güth, Werner
  • Kocher, Martin G.
  • Sutter, Matthias

Abstract

We study behavior in experimental beauty contests with, first, boundary and interior equilibria, and, second, homogeneous and heterogenous types of players. We find quicker and better convergence to the game-theoretic equilibrium with interior equilibria and homogeneous players.

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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 18165.

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Date of creation: 2002
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Publication status: Published in Economics Letters 2 74(2002): pp. 219-228
Handle: RePEc:lmu:muenar:18165

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References

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  1. 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.
  2. Bolle, Friedel & Ockenfels, Peter, 1990. "Prisoners' Dilemma as a game with incomplete information," Journal of Economic Psychology, Elsevier, vol. 11(1), pages 69-84, March.
  3. Martin G. Kocher & Matthias Sutter, 2005. "The Decision Maker Matters: Individual Versus Group Behaviour in Experimental Beauty-Contest Games," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 115(500), pages 200-223, 01.
  4. McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, vol. 10(1), pages 6-38, July.
  5. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, Econometric Society, vol. 67(4), pages 827-874, July.
  6. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  7. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, vol. 1(2), pages 115-131, September.
  8. Duffy, John & Nagel, Rosemarie, 1997. "On the Robustness of Behaviour in Experimental "Beauty Contest" Games," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 107(445), pages 1684-1700, November.
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Cited by:
  1. Sonnemans, Joep & Tuinstra, Jan, 2010. "Positive expectations feedback experiments and number guessing games as models of financial markets," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 964-984, December.
  2. Angela Sutan & Marc Willinger, 2009. "Guessing with negative feedback: an experiment," Working Papers 28556, Institut National de la Recherche Agronomique, France.
  3. Sonnemans, J. & Tuinstra, J., 2010. "Positive expectations feedback experiments and number guessing games as models of financial markets (revised version of WP 08-07)," CeNDEF Working Papers 10-08, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  4. 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.
  5. Joep Sonnemans & Jan Tuinstra, 2008. "Positive Expectations Feedback Experiments and Number Guessing Games as Models of Financial Markets," Tinbergen Institute Discussion Papers 08-076/1, Tinbergen Institute.
  6. 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.
  7. Alessandro Lanteri & Anna Carabelli, 2011. "Beauty contested: how much of Keynes' remains in behavioural economics' beauty contests?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(2), pages 269-285.
  8. Kocher, Martin & Strau[ss], Sabine & Sutter, Matthias, 2006. "Individual or team decision-making--Causes and consequences of self-selection," Games and Economic Behavior, Elsevier, vol. 56(2), pages 259-270, August.
  9. Martin G. Kocher & Matthias Sutter, 2005. "The Decision Maker Matters: Individual Versus Group Behaviour in Experimental Beauty-Contest Games," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 115(500), pages 200-223, 01.
  10. 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.
  11. Sutter, Matthias, 2005. "Are four heads better than two? An experimental beauty-contest game with teams of different size," Economics Letters, Elsevier, vol. 88(1), pages 41-46, July.
  12. Martin G. Kocher & Matthias Sutter & Florian Wakolbinger, 2007. "The Impact of Na�ve Advice and Observational Learning in Beauty-contest Games," Tinbergen Institute Discussion Papers 07-015/1, Tinbergen Institute.
  13. 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.
  14. Luccasen, R. Andrew, 2013. "Does context promote higher-level thinking in the beauty contest?," Economics Letters, Elsevier, vol. 121(3), pages 421-424.
  15. 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.

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