Cognitive hierarchies and the centipede game

Bottero, MargheritaStockholm School of Economics,Handelshögskolan i Stockholm (författare)

LIBRIS-ID:oai:hhs.se:1155045390006056
https://research.hhs.se/esploro/outputs/other/Cognitive-hierarchies-and-the-centipede-game/991001480432406056URI

Included in the thesis: 1. Slave trades, credit records and strategic reasoning: four essays in microeconomics
Here, I adopt the cognitive hierarchy approach to analyze the centipede game. To this end, I present and study an extensive-form version of Camerer et al.'s (2004) original normal-form model. The resulting predictions are evaluated empirically using laboratory data borrowed from a previously published experiment. The paper features two main contributions. First, it extends the experimental literature on the cognitive hierarchy model, which is here directly applied to the extensive-form centipede game. Secondly, it demonstrates that in the centipede game the cognitive hierarchy approach leads to predictions which are not fully backwardly inductive and that can help to explain some key features of the experimental data.

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