An Experiment on a Dynamic Beauty Contest Game

• 資料種別: 文書・図像類
• タイトル: An Experiment on a Dynamic Beauty Contest Game
• 著者・編者: Hanaki, Nobuyuki; Takahashi, Yuta
• 著者標目: Hanaki, Nobuyuki; https://nrid.nii.ac.jp/nrid/1000070400611; Takahashi, Yuta; https://nrid.nii.ac.jp/nrid/1000010835747
• 出版事項: The Institute of Social and Economic Research, Osaka University
• 出版年月日等: 2023-09
• 出版年（W3CDTF）: 2023-09
• タイトル（掲載誌）: Institute of Social and Economic Research Discussion Papers
• 巻号年月日等（掲載誌）: 1213
• 掲載巻: 1213
• 掲載ページ: 1-39
• ISSN（掲載誌）: PISSN : 0473453X; EISSN : 24350982
• 本文の言語コード: eng
• 件名標目: Expectation formation; Learning-to-forecast experiment
• 対象利用者: 一般
• 一般注記: We present and conduct a novel experiment on a dynamic beauty contest game motivated by the canonical New-Keynesian model. Participants continuously provide forecasts for prices spanning multiple future periods. These forecasts determine the price for the current period and participants’ payoffs. Our findings are threefold. First, the observed prices in the experiment deviate more from the rational expectations equilibrium prices under strategic complementarity than under strategic substitution. Second, participants’ expectations respond to announcements of future shocks on average. Finally, participants employ heuristics in their forecasting; however, the choice of heuristic varies with the degree of strategic complementarity.
• 参照（URI）: URI; https://www.iser.osaka-u.ac.jp/library/dp/2023/DP1213.pdf
• 連携機関・データベース: 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）; https://irdb.nii.ac.jp
• 提供元機関・データベース: 大阪大学 : 大阪大学学術情報庫 桜華