Negotiations, Organizations and Markets
نویسندگان
چکیده
££ Many experiments have shown that human subjects do not necessarily behave in line with game theoretic solution concepts. The reasons for this non–conformity are multiple. In this paper we study the argument whether a deviation from game theory is because subjects are rational, but doubt that others are rational as well, compared to the argument that subjects, in general, are boundedly rational themselves. To distinguish these two hypotheses, we study behavior in 2–person Beauty–Contest–Games, where a player does not need to think about the choice of the other. We experiment on four different information treatments to analyze behavior over time. Convergence toward equilibrium is driven by imitation and adaptation rather than self–initiated rational reasoning. for helpful comments and suggestions.
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