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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 equilibrium play less likely. Using a mixture model, the estimated probability to play strategically is 62% for teams, but only 40% for individuals. A model of noisy introspection reveals that teams differ from individuals in higher order beliefs.

SUBMITTER: Sutter M

PROVIDER: S-EPMC4047612 | biostudies-literature | 2013 Nov

REPOSITORIES: biostudies-literature

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Strategic sophistication of individuals and teams. Experimental evidence.

Sutter Matthias M Czermak Simon S Feri Francesco F

European economic review 20131101 100

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 equilibrium play less likely. Using a mixture model, the est ...[more]

PMID: 24926100

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