Strategic sophistication of individuals and teams. Experimental evidence
Abstract
Many important decisions require strategic sophistication. We examine experimentally whether teams act more strategically than individuals. We let individuals and teams make choices in simple games, and also elicit first- and second-order beliefs. We find that teams play the Nash equilibrium strategy significantly more often, and their choices are more often a best response to stated first order beliefs. Distributional preferences make...
Paper Details
Title
Strategic sophistication of individuals and teams. Experimental evidence
Published Date
Nov 1, 2013
Journal
Volume
64
Pages
395 - 410
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