More than Meets the Eye: an Eye-tracking Experiment on the Beauty Contest Game

Julia Müller () and Christiane Schwieren

No 516, Working Papers from University of Heidelberg, Department of Economics

Abstract: The beauty contest game has been used to analyze how many steps of reasoning subjects are able to perform. A common finding is that a majority seem to have low levels of reasoning. We use eye-tracking to investigate not only the number chosen in the game, but also the strategies in use and the numbers contemplated. We can show that not all cases that are seemingly level-1 or level-2 thinking indeed are {they might be highly sophisticated adaptations to beliefs about other people's limited reasoning abilities.

Keywords: beauty contest game; levels of reasoning; level-k model; strategic reason ing; cognitive hierarchy (search for similar items in EconPapers)
Date: 2011-09-22
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp, nep-gth, nep-hpe and nep-neu
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