Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/219186
Authors: 
Li, King King
Rong, Kang
Year of Publication: 
2018
Citation: 
[Journal:] Games [ISSN:] 2073-4336 [Volume:] 9 [Year:] 2018 [Issue:] 3 [Pages:] 1-14
Abstract: 
Arad and Rubinstein (2012, AER) proposed the 11-20 money request game as an alternative to the P beauty contest game for measuring the depth of thinking. In this paper, we show theoretically that in the Nash equilibrium of the 11-20 game players are more likely to choose high numbers if they are risk-averse rather than risk neutral. Hence, the depth of thinking measured in the 11-20 game is biased by risk aversion. Based on a lab experiment, we confirm this hypothesis empirically.
Subjects: 
rationality
measuring depth of thinking
risk aversion
experiment
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Article
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