Imperfect Learning and Error Cascades in Sequential Guessing Games: An Experiment∗
نویسندگان
چکیده
This paper reports on an experiment designed to analyze information revelation in sequential guessing games. We observe a remarkable frequency of equilibrium outcomes. Deviations from the equilibrium are explained by learning considerations. By means of applying panel data econometric techniques, we find the presence of error cascades, which represent the situation where the deviation from learning by a player increases with respect to deviations from learning by preceding players. JEL Classification Numbers: C92, D8
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