A Comment on the "Strategic Complexity and the Value of Thinking by D. Gill and V. Prowse (2023)"

Francesco Fallucchi, Andrea Marietta Leina, Rui Silva and Theodore L. Turocy

No 170, I4R Discussion Paper Series from The Institute for Replication (I4R)

Abstract: Gill and Prowse (2023) study response times using a repeated p-beauty contest (p = 0.7). Looking at between-subject variation in response times, they found that subjects who think for longer, on average, win more rounds and choose lower numbers. When comparing average response times and level-k behavior, they observed that higher k types think for longer. In general, we are able to reproduce their findings, despite a minor coding error and some missing information. We test the robustness of their results by comparing average and median response times and choices, separating the sample into quick and slow respondents, including additional controls, and different estimation parameters. We do not find differences between choices between slow and quick respondents, somewhat contradicting their conclusions. Moreover, most subjects played faster as the game was repeated. The remaining results are robust to the inclusion of cohort effects and different parameter specifications in their regressions.

Keywords: beauty contest; response times; level-k; strategic complexity (search for similar items in EconPapers)
JEL-codes: C71 C92 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-exp and nep-gth
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