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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
  • 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 Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes in its series SFB 373 Discussion Papers with number 2001,45.

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Date of creation: 2001
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Handle: RePEc:zbw:sfb373:200145

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Keywords: beauty contest experiments; individual behavior;

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  1. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, American Economic Association, vol. 85(5), pages 1313-26, December.
  2. Bolle, Friedel & Ockenfels, Peter, 1990. "Prisoners' Dilemma as a game with incomplete information," Journal of Economic Psychology, Elsevier, Elsevier, vol. 11(1), pages 69-84, March.
  3. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, Springer, vol. 1(2), pages 115-131, September.
  4. 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.
  5. McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, Elsevier, vol. 10(1), pages 6-38, July.
  6. 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.
  7. 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.
  8. Antoni Bosch-Dom�nech & Jos� G. Montalvo & Rosemarie Nagel & Albert Satorra, 2002. "One, Two, (Three), Infinity, ...: Newspaper and Lab Beauty-Contest Experiments," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1687-1701, December.
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Citations

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Cited by:
  1. 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.
  2. 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.
  3. Sutan, Angela & Willinger, Marc, 2009. "Guessing with negative feedback: An experiment," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 33(5), pages 1123-1133, May.
  4. Andrea, Morone & Piergiuseppe, Morone, 2008. "Boundary and interior equilibria: what drives convergence in a ‘beauty contest’?," MPRA Paper 9584, University Library of Munich, Germany.
  5. 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, Springer, vol. 9(1), pages 69-105, April.
  6. Andrea Morone & Serena Sandri & Tobias Uske, 2007. "On the absorbability of the Guessing Game Theory. A Theoretical and Experimental Analysis," series, Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari 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, Taylor & Francis Journals, vol. 18(2), pages 269-285.
  8. Luccasen, R. Andrew, 2013. "Does context promote higher-level thinking in the beauty contest?," Economics Letters, Elsevier, Elsevier, vol. 121(3), pages 421-424.
  9. 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.
  10. Kocher, Martin G. & Sutter, Matthias, 2005. "The decision maker matters: Individual versus group behaviour in experimental beauty-contest games," Munich Reprints in Economics, University of Munich, Department of Economics 18213, University of Munich, Department of Economics.
  11. Kocher, Martin G. & Strauß, Sabine & Sutter, Matthias, 2006. "Individual or team decision-making-Causes and consequences of self-selection," Munich Reprints in Economics, University of Munich, Department of Economics 18162, University of Munich, Department of Economics.
  12. 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.
  13. Sutter, Matthias, 2005. "Are four heads better than two? An experimental beauty-contest game with teams of different size," Economics Letters, Elsevier, Elsevier, vol. 88(1), pages 41-46, July.
  14. Andrea Morone & Piergiuseppe Morone, 2007. "Guessing Games and People Behaviours: What Can we Learn?," series, Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari 0015, Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari, revised Feb 2007.
  15. 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.

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