Breitmoser, Yves - In: Games and Economic Behavior 75 (2012) 2, pp. 555-569
This paper analyzes strategic choice in p-beauty contests. First, I show that it is not generally a best reply to guess the expected target value, even in games with n2 players, and that iterated best response strictly applied does not induce a choice sequence approximating pk⋅0.5. Second, I...