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We study the choice of a principal to either delegate a decision to a group of careerist experts, or to consult them … individually and keep the decision-making power. Our model predicts a trade-off between information acquisition and information …
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. Besides making choices, decision makers have to state their first- and second-order beliefs. We find that teams play the Nash … only 40% for individuals. -- Strategic sophistication ; beliefs ; experiment ; team decision making ; individual decision …
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We examine the strategic sophistication of adolescents, aged 10 to 17 years, in experimental normal-form games. Besides making choices, subjects have to state their first- and second-order beliefs. We find that choices are more often a best reply to beliefs if any player has a dominant strategy...
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