Asymmetric Guessing Games
Zafer Akin ()
MPRA Paper from University Library of Munich, Germany
This paper theoretically and experimentally investigates the behavior of asymmetric players in guessing games. The asymmetry is created by introducing k>1 replicas of one of the players. Two-player and restricted N-player cases are examined in detail. Based on the model parameters, the equilibrium is either unique in which all players choose zero or mixed in which the weak player (k=1) imitates the strong player (k>1). A series of experiments involving two and three-player repeated guessing games with unique equilibrium is conducted. We find that equilibrium behavior is observed less frequently and overall choices are farther from the equilibrium in two-player asymmetric games in contrast to symmetric games, but this is not the case in three-player games. Convergence towards equilibrium exists in all cases but asymmetry slows down the speed of convergence to the equilibrium in two, but not in three-player games. Furthermore, the strong players have a slight earning advantage over the weak players, and asymmetry increases discrepancy in choices (defined as the squared distance of choices from the winning number) in both games.
Keywords: Guessing game; asymmetry; convergence; game theory; experimental economics (search for similar items in EconPapers)
JEL-codes: C72 C92 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cdm, nep-exp and nep-gth
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:103871
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