Inspired and inspiring: Hervé Moulin and the discovery of the beauty contest game

Rosemarie Nagel, Christoph Bühren and Björn Frank

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: We draw an unusually detailed picture of a discovery, the beauty contest game – with Hervé Moulin as the center of the initial inspiration. Since its inception, the beauty contest game and the descriptive level k model has widely contributed to the growth of experimental and behavioral economics and expanded also to other areas within and outside of economics. We illustrate, in particular, the recent interaction between macroeconomic theorists and experimenters, who independently had worked on the puzzles and consequences due to beauty contest features. Furthermore, we introduce a new variety of the two-person beauty contest game with two different payoff structures that leads to different game-theoretic properties unperceived by naïve subjects and game theory experts alike.

Keywords: Keynes; Beauty Contest Games; History; Level k; Micro-; Macro-; Neuro-Economic Experiments. (search for similar items in EconPapers)
JEL-codes: C9 D84 D87 E12 N1 N80 (search for similar items in EconPapers)
Date: 2016-10, Revised 2016-11
New Economics Papers: this item is included in nep-evo, nep-exp, nep-gth, nep-his and nep-hpe
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Citations: View citations in EconPapers (9)

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Journal Article: Inspired and inspiring: Hervé Moulin and the discovery of the beauty contest game (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:1539

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