Query:
faculty: "FEB" and publication year: "2007"
| Authors | M. Kocher, M. Sutter, F. Wakolbinger | | Title | The impact of naïve advice and observational learning in beauty-contest games |
| Year | 2007 |
| Title series | Tinbergen Institute Discussion Paper |
| Series number | 07-015 |
| Faculty | Faculty of Economics and Business |
| Institute/dept. | FEB: Research Institute in Economics and Econometrics Amsterdam (RESAM) |
| Keywords | - |
| Abstract | We study the impact of advice or observation on the depth of reasoning in an experimental beauty-contest game. Both sources of information trigger faster convergence to the equilibrium. Yet, we find that subjects who receive naïve advice outperform uninformed
subjects permanently, whereas subjects who observe others' past behavior before making their decision do only have a temporary advantage over uninformed subjects. We show in a simulation that the latter result is due to subjects failing to make the most out of observing others. |
| Document type | Report |
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