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Cognitive ability, character skills, and learning to play equilibrium: A level-k analysis

Abstract:

In this paper we investigate how cognitive ability and character skills influence behavior, success and the evolution of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment and find striking differences according to cognitive ability: more cognitively able subjects choose numbers closer to equilibrium, converge more frequently to equilibrium play and earn more even as behavior approaches the equilibrium prediction. To understand...

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Publication status:
Accepted
Peer review status:
Peer reviewed

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Department:
University of Oxford
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Publisher:
University of Chicago Press Publisher's website
Journal:
Journal of Political Economy
Acceptance date:
2015-06-21
EISSN:
1537-534X
ISSN:
0022-3808

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