Cognitive effort in the Beauty Contest Game

► We study the relationship between subjects’ cognitive abilities and entries in a BCG. ► Raven test of IQ does not provide any insight on BCG playing. ► Less impulsive subjects who engage in reflective thinking behave more “rational”. This paper analyzes cognitive effort in 6 different oneshot p-be...

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Published inJournal of economic behavior & organization Vol. 83; no. 2; pp. 254 - 260
Main Authors Brañas-Garza, Pablo, García-Muñoz, Teresa, González, Roberto Hernán
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 01.07.2012
Elsevier Sequoia S.A
Subjects
Beauty
Beauty Contest Game
Cognition
Cognitive ability
Cognitive Reflection Test
Economic models
Game theory
Games
Personality tests
Prone
Raven
Reasoning
Reflection
Research strategies
Studies
Tests
Raven
Beauty Contest Game
Cognitive Reflection Test
Online AccessGet full text
ISSN0167-2681
1879-1751
DOI10.1016/j.jebo.2012.05.018

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Summary:► We study the relationship between subjects’ cognitive abilities and entries in a BCG. ► Raven test of IQ does not provide any insight on BCG playing. ► Less impulsive subjects who engage in reflective thinking behave more “rational”. This paper analyzes cognitive effort in 6 different oneshot p-beauty games. We use both Raven and Cognitive Reflection tests to identify subjects’ abilities. We find that the Raven test does not provide any insight on Beauty Contest Game playing but CRT does: subjects with higher scores on this test are more prone to play dominant strategies. The results are confirmed when levels of reasoning instead of entries in the BCG are used.
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ISSN:0167-2681
1879-1751
DOI:10.1016/j.jebo.2012.05.018