Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-848d4c4894-p2v8j Total loading time: 0.001 Render date: 2024-05-21T07:49:45.240Z Has data issue: false hasContentIssue false

8 - Advice and Common Knowledge in the Two-Thirds Guessing Game: Does Advice Increase Strategic Sophistication?

from Part III - The Impact of Public Advice and Common Knowledge

Published online by Cambridge University Press:  09 March 2023

Andrew Schotter
Andrew Schotter
Affiliation:
New York University
Get access

Summary

A reading of the literature on cognitive hierarchies leaves the impression that a subject’s type is predetermined before she comes into the lab so that the distribution of types is exogenous and immutable across games. In this chapter we view the choice of a person’s cognitive level as endogenous and explain it by focusing on subject’s ’expectations about the cognitive levels endogenously chosen by others. We run a set of experiments using the two-thirds guessing game where subjects receive public advice offered by a set of advisors. We discover that certain types of public advice, those that are commonly interpreted as meaningful, are capable of shifting the distribution of observed cognitive types, indicating that the distribution is endogenous.

Keywords

common knowledgeguessing gamelevel kcognitive hierarchyadvicestrategic sophistication
Type
Chapter
Information
Advice, Social Learning and the Evolution of Conventions , pp. 214 - 240
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×