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Asymmetric Guessing Games

Zafer Akin ()

MPRA Paper from University Library of Munich, Germany

Abstract: 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)
Date: 2020-10-20
New Economics Papers: this item is included in nep-cdm, nep-exp and nep-gth
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