On the Robustness of Behaviour in Experimental 'Beauty Contest' Games

John Fitzgerald Duffy · Rosemarie Nagel

162 citations0/0 files storedThe Economic Journal

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Experimental Behavioral Economics Studies Decision-Making and Behavioral Economics Game Theory and Applications

Abstract

We report and compare results from several different versions of an experimental interactive guessing game first studied by Nagel (1995), which we refer to as the ‘beauty contest’ game following Keynes (1936). In these games, groups of subjects are repeatedly asked to simultaneously guess a real number in the interval [0, 100] that they believe will be closest to 1/2 times either the median, mean, or maximum of all numbers chosen. We also use our experimental data to test a simple model of adaptive learning behaviour.

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1936The General Theory of Employment, Interest and Money.1936The General Theory of Employment, Interest and Money, by John Maynard Keynes 1988RATIONAL CHOICE AND THE FRAMING OF DECISIONS 1986Rational Choice and the Framing of Decisions 2007Unraveling in Guessing Games: An Experimental Study 1990Tacit coordination games, strategic uncertainty, and coordination failure 1986End behavior in sequences of finite Prisoner's Dilemma supergames A learning theory approach 1991Strategic Uncertainty, Equilibrium Selection, and Coordination Failure in Average Opinion Games

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