Higher cognitive ability is associated with lower entries in a p-beauty contest |
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| Authors: | Terence C. Burnham, David Cesarini, Magnus Johannesson, Paul Lichtenstein,Bj rn Wallace |
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| Affiliation: | aProgram for Evolutionary Dynamics, Harvard University, One Brattle Square, Suite 6, Cambridge, MA 02138, USA;bDepartment of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02142, USA;cDepartment of Economics, Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden;dDepartment of Medical Epidemiology and Biostatistics, Karolinska Institutet, Box 281, SE-171 77 Stockholm, Sweden |
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| Abstract: | “Beauty contests” are well-studied, dominance-solvable games that generate two interesting results. First, most behavior does not conform to the unique Nash equilibrium. Second, there is considerable unexplained heterogeneity in behavior. In this work, we explore the relationship between beauty contest behavior and cognitive ability. We find that subjects with high cognitive ability exhibit behavior that is closer to the Nash equilibrium. |
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| Keywords: | Cognitive ability Experimental economics Beauty contests Rationality |
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