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

Gill, David; Prowse, Victoria L. - 2014

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...

Persistent link: https://www.econbiz.de/10010364492

Cognitive skills, strategic sophistication, and life outcomes

Fe, Eduardo; Gill, David; Prowse, Victoria - 2020

emphasize the importance of childhood theory-of-mind as a cognitive skill. We collected experimental data from more than seven … hundred children in a variety of strategic interactions. First, we find that theory-of-mind ability and cognitive ability both … provides support for the emergence of a sophisticated strategic theory-of-mind. Third, theory-of-mind and age strongly predict …

Persistent link: https://www.econbiz.de/10012322040

Cognitive skills and the development of strategic sophistication

Fe, Eduardo; Gill, David - 2018

The wage effect of job-education vertical mismatch (i.e. overeducation) has only recently been investigated in the case of Ph.D. holders. The existing contributions rely on OLS estimates that allow measuring the average effect of being mismatched at the mean of the conditional wages...

Persistent link: https://www.econbiz.de/10011798125

How cognitive skills affect strategic behavior : cognitive ability, fluid intelligence and judgment

Gill, David; Knepper, Zachary; Prowse, Victoria; Zhou, Junya - 2024

We explore the influence of cognitive ability and judgment on strategic behavior in the beauty contest game (where the Nash equilibrium action is zero). Using the level-k model of bounded rationality, cognitive ability and judgment both predict higher level strategic thinking. However,...

Persistent link: https://www.econbiz.de/10014584425

Surprising selection effects in the UK car insurance market

Cannon, Edmund S.; Cipriani, Giam Pietro; Bazar-Rosen, Katia - 2014

is much less sophisticated than that characterised by modern microeconomic theory. …

Persistent link: https://www.econbiz.de/10010355706

The dynamics of inattention in the (baseball) field

Archsmith, James; Heyes, Anthony; Neidell, Matthew; … - 2021

Recent theoretical and empirical work characterizes attention as a limited resource that decision-makers strategically allocate. There has been less research on the dynamic interdependence of attention: how paying attention now may affect performance later. In this paper, we exploit...

Persistent link: https://www.econbiz.de/10012549756

On the psychological foundations of ambiguity and compound risk aversion

Wu, Keyu; Fehr, Ernst; Hofland, Sean; Schonger, Martin - 2024

Ambiguous prospects are ubiquitous in social and economic life, but the psychological foundations of behavior under ambiguity are still not well understood. One of the most robust empirical regularities is the strong correlation between attitudes towards ambiguity and compound risk which...

Persistent link: https://www.econbiz.de/10014544917

Incentive complexity, bounded rationality and effort provision

Abeler, Johannes; Huffman, David; Raymond, Collin - 2023

Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded rationality can affect effort provision, by shrouding attributes of the incentives. In our setting, complexity leads workers to over-provide effort relative to a fully rational...

Persistent link: https://www.econbiz.de/10014311541

Learning about a class of belief-dependent preferences without information on beliefs

Bellemare, Charles; Sebald, Alexander - 2011

We show how to bound the effect of belief-dependent preferences on choices in sequential two-player games without information about the (higher-order) beliefs of players. The approach can be applied to a class of belief-dependent preferences which includes reciprocity (Dufwenberg and...

Persistent link: https://www.econbiz.de/10009408898

Choice by lexicographic semiorders

Manzini, Paolo; Mariotti, Marco - 2009

We propose an extension of Tversky's lexicographic semiorder to a model of boundedly rational choice. We explore the connection with sequential rationalisability of choice, and we provide axiomatic characterisations of both models in terms of observable choice data. -- Lexicographic semiorders ;...

Persistent link: https://www.econbiz.de/10003818077

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