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An individual is affected by the curse of knowledge when he fails to appreciate the viewpoint of a lesser-informed agent. In contrast to a rational person, the cursed individual behaves as if part of his private information were common knowledge. This systematic cognitive bias alters many...
Persistent link: https://www.econbiz.de/10012141849
The psychology literature provides ample evidence that people have difficulties taking the perspective of less informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative overconfidence and overentry into competition. In a broader...
Persistent link: https://www.econbiz.de/10011163925
This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one hierarchy of types. Iterated best responses that are based on uninformative level-0 play lead to the following of the private information (level-1), to the following of the majority...
Persistent link: https://www.econbiz.de/10011212038
The psychology literature provides ample evidence that people have difficulties taking the perspective of less-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative overconfidence and overentry into competition. In a broader...
Persistent link: https://www.econbiz.de/10010955334
The psychology literature provides ample evidence that people have difficulties taking the perspective of less-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative overconfidence and overentry into competition. In a broader...
Persistent link: https://www.econbiz.de/10010403249
The psychology literature provides ample evidence that people have difficulties taking the perspective of less informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative overconfidence and overentry into competition. In a broader...
Persistent link: https://www.econbiz.de/10010488505
This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one hierarchy of types. Iterated best responses that are based on uninformative level-0 play lead to the following of the private information (level-1), to the following of the majority...
Persistent link: https://www.econbiz.de/10011490245
An individual is affected by the curse of knowledge when he fails to appreciate the viewpoint of a lesser-informed agent. In contrast to a rational person, the cursed individual behaves as if part of his private information were common knowledge. This systematic cognitive bias alters many...
Persistent link: https://www.econbiz.de/10012129125
An individual is affected by the curse of knowledge when he fails to appreciate the viewpoint of a lesser-informed agent. In contrast to a rational person, the cursed individual behaves as if part of his private information were common knowledge. This systematic cognitive bias alters many...
Persistent link: https://www.econbiz.de/10012104838
We report on experiments examining the value of commitment in Stackelberg games where the follower chooses whether to pay some cost to perfectly observe the leader's action. Várdy (2004) shows that in the unique pure strategy subgame perfect equilibrium of this game, the value of commitment is...
Persistent link: https://www.econbiz.de/10014060286