Out of your mind: Eliciting individual reasoning in one shot games

Konrad Burchardi () and Stefan P. Penczynski

Games and Economic Behavior, 2014, vol. 84, issue C, 39-57

Abstract: We experimentally investigate the fundamental element of the level-k model of reasoning, the level-0 actions and beliefs. We use data from a novel experimental design that allows us to obtain incentivised written accounts of individuals' reasoning. In particular, these accounts allow to infer level-0 beliefs. Level-0 beliefs are not significantly different from 50, and almost 60% of higher level players start their reasoning from a level-0 belief of exactly 50. We also estimate that around one third of the participants play non-strategically. The non-strategic level-0 actions are not uniformly distributed.

Keywords: Individual reasoning; One shot games; Level-k model (search for similar items in EconPapers)
JEL-codes: C91 D83 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (51)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:84:y:2014:i:c:p:39-57

DOI: 10.1016/j.geb.2013.12.005

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