The Nature of Salience Revisited: Cognitive Hierarchy Theory versus Team Reasoning

Nicolas Bardsley, Judith Mehta (), Chris Starmer and Robert Sugden
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Nicolas Bardsley: National Centre for Research Methods, University of Southampton

No 2006-17, Discussion Papers from The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham

Abstract: This paper reports experimental tests of two alternative explanations of how players use focal points to select equilibria in one-shot coordination games. Cognitive hierarchy theory explains coordination as the result of common beliefs about players’ pre-reflective inclinations towards the relevant strategies; the theory of team reasoning explains it as the result of the players’ using a non-standard form of reasoning. We report two experiments; one finds support for the first theory, the other for the second. In the light of additional questionnaire evidence, we conclude that players’ reasoning is sensitive to the decision context.

Keywords: salience; focal point; cognitive hierarchy; team reasoning (search for similar items in EconPapers)
JEL-codes: C72 C92 (search for similar items in EconPapers)
Date: 2006-09
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:not:notcdx:2006-17

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