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Title: Logical omniscience at the laboratory
Authors: Bayer, Ralph C.
Renou, Ludovic
First Published: Apr-2008
Publisher: Dept. of Economics, University of Leicester
Abstract: Homo Strategicus populates the vast plains of Game Theory. He knows all logical implications of his knowledge (logical omniscience) and chooses optimal strategies given his knowledge and beliefs (rationality). This paper investigates the extent to which the logical capabilities of Homo Sapiens Sapiens resemble those possessed by Homo Strategicus. Controlling for other-regarding preferences and beliefs about the rationality of others, we show, in the laboratory, that the ability of Homo Sapiens Sapiens to perform complex chains of iterative reasoning is much better than previously thought. Subjects were able to perform about two to three iterations of reasoning on average.
Series/Report no.: Papers in Economics
Type: Report
Description: Updated November 2008. Updated May 2009. Previously published as: Homo Sapiens Sapiens Meets Homo Strategicus At The Laboratory
Appears in Collections:Reports, Dept. of Economics

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