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On the Robustness of Behaviour in Experimental "Beauty Contest" Games

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Author Info
Duffy, John
Nagel, Rosemarie

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Abstract

The authors report and compare results from several different versions of an experimental interactive guessing game first studied by R. Nagel (1995), which they refer to as the 'beauty contest' game following J. M. Keynes (1936). In these games, groups of subjects are repeatedly asked to simultaneously guess a real number in the interval [0, 100] that they believe will be closest to 1/2 times either the median, mean, or maximum of all numbers chosen. The authors also use their experimental data to test a simple model of adaptive learning behavior. Copyright 1997 by Royal Economic Society.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 107 (1997)
Issue (Month): 445 (November)
Pages: 1684-1700
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Handle: RePEc:ecj:econjl:v:107:y:1997:i:445:p:1684-1700

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  1. Andrea, Morone & Piergiuseppe, Morone, 2008. "Boundary and interior equilibria: what drives convergence in a ‘beauty contest’?," MPRA Paper 9584, University Library of Munich, Germany. [Downloadable!]
  2. Andrea Morone & Serena Sandri & Tobias Uske, 2007. "On the absorbability of the Guessing Game Theory. A Theoretical and Experimental Analysis," series 0017, Dipartimento di Scienze Economiche - Università di Bari, revised Apr 2007. [Downloadable!]
    Other versions:
  3. Martin G. Kocher & Matthias Sutter, 2004. "Time is money - Time pressure, incentives, and the quality of decision-making," Papers on Strategic Interaction 2004-05, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
    Other versions:
  4. Thomas Chesney & Swee-Hoon Chuah & Robert Hoffmann, 2007. "Virtual world experimentation: An exploratory study," Discussion Papers 2007-14, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  5. Camerer, Colin & Ho, Teck-Hua, 1997. "Experience-Weighted Attraction Learning in Games: A Unifying Approach," Working Papers 1003, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  6. Matthias Sutter, 2004. "Are four heads better than two? An experimental beauty-contest game with teams of different size," Papers on Strategic Interaction 2004-15, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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  7. Mark W. Nichols & Michael J. Radzicki, 2007. "An Agent-Based Model of Behavior in “Beauty Contest” Games," Working Papers 07-010, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics. [Downloadable!]
  8. Patrizia Sbriglia, 2008. "Revealing the depth of reasoning in p-beauty contest games," Experimental Economics, Springer, vol. 11(2), pages 107-121, June. [Downloadable!] (restricted)
  9. Virtudes Alba Fernández & Pablo Brañas Garza & Francisca Jiménez Jiménez & Javier Rodero Cosano, 2003. "Teaching Nash Equilibrium and Strategy Dominance: A Classroom Experiment on the Beauty Contest," Economic Working Papers at Centro de Estudios Andaluces E2003/47, Centro de Estudios Andaluces. [Downloadable!]
  10. Andrea Morone & Piergiuseppe Morone, 2007. "Guessing Games and People Behaviours: What Can we Learn?," series 0015, Dipartimento di Scienze Economiche - Università di Bari, revised Feb 2007. [Downloadable!]
  11. Virtudes Alba-Fernández & Pablo Brañas-Garza & Francisca Jiménez-Jiménez & Javier Rodero-Cosano, 2004. "Communication, coordination and competition in the beauty contest game: Eleven classroom experiments," IESA Working Papers Series 0416, Institute for Social Syudies of Andalusia - Higher Council for Scientific Research. [Downloadable!]
    Other versions:
  12. Joep Sonnemans & Jan Tuinstra, 2008. "Positive Expectations Feedback Experiments and Number Guessing Games as Models of Financial Markets," Tinbergen Institute Discussion Papers 08-076/1, Tinbergen Institute. [Downloadable!]
  13. Martin Kocher & Sabine Strauß & Matthias Sutter, 2004. "Individual or team decision-making - Causes and consequences of self-selection," Papers on Strategic Interaction 2004-31, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
    Other versions:
  14. Brit Grosskopf, 2003. "Reinforcement and Directional Learning in the Ultimatum Game with Responder Competition," Experimental Economics, Springer, vol. 6(2), pages 141-158, October. [Downloadable!] (restricted)
  15. Martin G. Kocher & Matthias Sutter, 2004. "The Decision Maker Matters: Individual versus Group Behaviour in Experimental Beauty-Contest Games," Papers on Strategic Interaction 2004-09, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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  16. Robert Slonim, 2005. "Competing Against Experienced and Inexperienced Players," Experimental Economics, Springer, vol. 8(1), pages 55-75, April. [Downloadable!] (restricted)
  17. Camerer, Colin F. & Ho, Teck H. & Chong, Juin-Kuan., 2000. "Sophisticated EWA Learning and Strategic Teaching in Repeated Games," Working Papers 1087, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  18. W. Güth & M. Kocher & M. Sutter, . "Experimental Beauty Contests with Homogeneous and Heterogeneous Players and with Interior and Boundary Equilibria," Sonderforschungsbereich 373 2001-45, Humboldt Universitaet Berlin.
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  19. Tilman Slembeck, 2000. "Learning in Economics: Where Do We Stand?," Microeconomics 0004007, EconWPA. [Downloadable!]
  20. Burnham, Terence C. & Cesarini, David & Wallace, Björn & Johannesson, Magnus & Lichtenstein, Paul, 2007. "Billiards and Brains: Cognitive Ability and Behavior in a p-Beauty Contest," Working Paper Series in Economics and Finance 684, Stockholm School of Economics. [Downloadable!]
  21. Ernan Haruvy & Dale Stahl, 2004. "Level-n Bounded Rationality on a Level Playing Field of Sequential Games," Econometric Society 2004 North American Winter Meetings 126, Econometric Society. [Downloadable!]
  22. Octavian Carare & Ernan Haruvy & Ashutosh Prasad, 2007. "Hierarchical thinking and learning in rank order contests," Experimental Economics, Springer, vol. 10(3), pages 305-316, September. [Downloadable!] (restricted)
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