By identifying types whose low-order beliefs up to level ℓ_i about the state of nature coincide, we obtain …

framework the player's `depth of reasoning' is endogenously determined, and it can be disentangled from his beliefs over his … the individual's depth of reasoning and his beliefs about the reasoning process of the opponent. Thus, in our framework …'s predictions with an experiment. We administer different treatments that vary beliefs over payoffs and opponents, as well as …

redistribution policies and their beliefs over the causes of poverty. By varying the information about the determinants of income, we …, Spanish subjects give more when they are uninformed compared to American subjects. Using elicited beliefs, we find that this …

peaks and excessive pessimism at market troughs. Formally incorporating subjective price beliefs into an otherwise standard …