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Three very simple games and what it takes to solve them
[journal article]
Abstract We study experimentally the nature of dominance violations in three minimalist dominance-solvable guessing games. Only about a third of our subjects report reasoning consistent with dominance; they all make dominant choices and almost all expect others to do so. Nearly two-thirds of subjects report ... view more
We study experimentally the nature of dominance violations in three minimalist dominance-solvable guessing games. Only about a third of our subjects report reasoning consistent with dominance; they all make dominant choices and almost all expect others to do so. Nearly two-thirds of subjects report reasoning inconsistent with dominance, yet a quarter of them actually make dominant choices and half of those expect others to do so. Reasoning errors are more likely for subjects with lower working memory, intrinsic motivation and premeditation attitude. Dominance-incompatible reasoning arises mainly from subjects misrepresenting the strategic nature (payoff structure) of the guessing games.... view less
Keywords
experiment
Classification
Social Psychology
Free Keywords
Cognition; Bounded rationality; Belief; Guessing game
Document language
English
Publication Year
2009
Page/Pages
p. 589-601
Journal
Journal of Economic Behavior & Organization, 72 (2009) 1
DOI
https://doi.org/10.1016/j.jebo.2009.05.011
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)