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Cognitive effort in the Beauty Contest Game

  • Pablo Brañas-Garza

    (Universidad de Granada, Spain)

  • Teresa García-Muño

    (Universidad de Granada, Spain)

  • Roberto Hernán

    ()

    (Economic Science Institute, Chapman University, USA)

This paper analyzes cognitive effort in 6 different one-shot p-beauty games. We use both Raven and Cognitive Reflection tests to identify subjects' abilities. We find that the Raven test does not provide any insight on beauty contest game playing but CRT does: subjects with higher scores on this test are more prone to play dominant strategies.

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File URL: http://www.chapman.edu/ESI/wp/Hernan-CognitiveEffortBeautyContestGame.pdf
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Paper provided by Chapman University, Economic Science Institute in its series Working Papers with number 11-08.

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Length: 11 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:chu:wpaper:11-08
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  1. Weber, Roberto A., 2003. "'Learning' with no feedback in a competitive guessing game," Games and Economic Behavior, Elsevier, vol. 44(1), pages 134-144, July.
  2. Colin F. Camerer & Teck-Hua Ho & Juin-Kuan Chong, 2004. "A Cognitive Hierarchy Model of Games," The Quarterly Journal of Economics, MIT Press, vol. 119(3), pages 861-898, August.
  3. Brañas-Garza, Pablo & Espinosa, María Paz & Rey-Biel, Pedro, 2011. "Travelers' types," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 25-36, April.
    • Espinosa Alejos, María Paz & Brañas Garza, Pablo & Rey Biel, Pedro, 2010. "Travellers' Types," DFAEII Working Papers 2010-03, University of the Basque Country - Department of Foundations of Economic Analysis II.
    • Pablo Brañas-Garza & Maréa Paz Espinosa & Pedro Rey-Biel, 2008. "Travelers' Types," Working Papers 407, Barcelona Graduate School of Economics.
  4. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2010. "Are Risk Aversion and Impatience Related to Cognitive Ability?," American Economic Review, American Economic Association, vol. 100(3), pages 1238-60, June.
  5. David Gill & Victoria Prowse, 2013. "Cognitive ability and learning to play equilibrium: A level-k analysis," Economics Series Working Papers 641, University of Oxford, Department of Economics.
  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. Brañas-Garza, Pablo & Guillen, Pablo & del Paso, Rafael López, 2008. "Math skills and risk attitudes," Economics Letters, Elsevier, vol. 99(2), pages 332-336, May.
  8. Antoine J. Bruguier & Steven R. Quartz & Peter Bossaerts, 2010. "Exploring the Nature of "Trader Intuition"," Journal of Finance, American Finance Association, vol. 65(5), pages 1703-1723, October.
  9. Daniel J. Benjamin & Sebastian A. Brown & Jesse M. Shapiro, 2006. "Who is “Behavioral”? Cognitive Ability and Anomalous Preferences," Levine's Working Paper Archive 122247000000001334, David K. Levine.
  10. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2009. "Cognitive abilities and behavioral biases," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 147-152, October.
  11. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
  12. Burnham, Terence C. & Cesarini, David & Johannesson, Magnus & Lichtenstein, Paul & Wallace, Björn, 2009. "Higher cognitive ability is associated with lower entries in a p-beauty contest," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 171-175, October.
  13. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
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