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Guessing with negative feedback: an experiment
[Raisonnement divinatoire en feedback négatif : une expérience]

Author

Listed:
  • Angela Sutan

    (Burgundy School of Business)

  • Marc Willinger

    (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier, UM1 - Université Montpellier 1)

Abstract

We investigate experimentally a new variant of the beauty contest game (BCG) in which players' actions are strategic substitutes (a negative feedback BCG). Our results show that chosen numbers are closer to the rational expectation equilibrium than in a strategic complements environment (a positive feedback BCG). We also find that the estimated average depth of reasoning from the cognitive hierarchy model does not differ between the two environments. We show that the difference may be attributed to the fact that additional information is more valuable when players' actions are strategic substitutes rather than strategic complements, in line with other recent experimental findings.

Suggested Citation

  • Angela Sutan & Marc Willinger, 2009. "Guessing with negative feedback: an experiment [Raisonnement divinatoire en feedback négatif : une expérience]," Post-Print hal-02662324, HAL.
    • Handle: RePEc:hal:journl:hal-02662324
    DOI: 10.1016/j.jedc.2009.01.005
    as

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