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A Motivational Perspective on Strategic Behavior in P-Beauty Contest Games: Encouraging Strategic Play via the Endowment Effect

  • This paper examines the effect of ownership on strategic reasoning in the classical p-beauty contest game. While much literature focused on cognitive ability as the foundation for higher-order strategic play, we investigate whether a more motivational perspective can serve as a foundation for strategic reasoning as well. This is to be induced via the endowment effect by combining two market simulations with a p-beauty contest game in three experimental sessions. We conclude that while an endowment effect does not have a significant influence on first-round behavior, there are indications that it can influence the learning of endowed players as early as round two of a repeated p-beauty contest game. We find that possible differences in the degree of commitment substantially affect strategic behavior. The analyses ultimately suggest that strategic behavior possibly could occur not only on a cognitive level but also on a motivational level, provided that the motivation is powerful enough.

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Author:Valeria Schaitel
Advisor:Daniel Cerquera
Document Type:Bachelor Thesis
Year of Completion:2023
Granting Institution:Hochschule Furtwangen
Date of final exam:2023/08/24
Release Date:2023/08/29
Tag:P-beauty contest game; Strategic behavior
Page Number:64
Degree Program:BMP - Business Management and Psychology
Functional area:Economics
Licence (German):License LogoUrheberrechtlich gesch├╝tzt