| Popis: |
This paper examines a link between an individual's strategic thinking in beauty contest games and (possibly non-rational) decision-making patterns in a non-strategic setting. Experimental evidence shows that subjects' strategic behavior, which used to be understood as a result of (possibly limited) cognitive iterations, is closely related to the non-strategic decision-making patterns. We claim that such a relationship partially explains conflicts of the previous reports on the strategic behaviors observed in the laboratory. We require attention to this relationship in that the assumption that individuals are rational in the decision-theoretic sense may create sizable misinterpretation of strategic behavior. |
