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Level-k reasoning and time pressure in the 11-20 money request game

  • Lindner, Florian
  • Sutter, Matthias

Arad and Rubinstein (2012a) have designed a novel game to study level-. k reasoning experimentally. Just like them, we find that the depth of reasoning is very limited and clearly different from that in equilibrium play. We show that such behavior is even robust to repetitions; hence there is, at best, little learning. However, under time pressure, behavior is, perhaps coincidentally, closer to that in equilibrium play. We argue that time pressure evokes intuitive reasoning and reduces the focal attraction of choosing higher (and per se more profitable) numbers in the game.

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Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19234.

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Date of creation: 2013
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Publication status: Published in Economics Letters 3 120(2013): pp. 542-545
Handle: RePEc:lmu:muenar:19234
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