two-thirds of the average of the guesses - Eastern Canada

Question

Eliminating dominated strategies means that in the game of guessing this quantity, a variant of the “beauty contest,” all players should rationally pick zero. For 10 points each:

[10h] A French magazine originated the game where the players try to guess the closest to what quantity? In practice, game theoretic demonstrations of bounded rationality show many players will naively pick thirty-three.

ANSWER: two-thirds of the average of the guesses [accept synonyms such as two-thirds of the mean; reject partial answers]

[10e] This economist analogized the stock market to a “beauty contest” of judging what others think will be popular in the book The General Theory of Employment, Interest, and Money.

ANSWER: John Maynard Keynes [accept Keynesian beauty contest]

[10m] Rosemarie Nagel found that players tend to choose zero in a version of the two-thirds of the average game played in this manner. Tit-for-tat and grim trigger are strategies for the prisoners’ dilemma played in this manner.

ANSWER: iterated [or repeated]

<Editors, Social Science>

Back to bonuses

Summary


Northern California	Main	Y	5	16.00	100%	40%	20%
Southern California	Main	Y	6	13.33	83%	33%	17%
Eastern Canada	Main	Y	11	10.00	73%	27%	0%
Florida	Main	Y	4	7.50	50%	25%	0%
Great Lakes	Main	Y	7	10.00	86%	14%	0%
Lower Mid-Atlantic	Main	Y	9	12.22	89%	22%	11%
Upper Mid-Atlantic (1)	Main	Y	10	9.00	50%	40%	0%
Upper Mid-Atlantic (2)	Main	Y	5	18.00	100%	60%	20%
Lower Midwest	Main	Y	4	12.50	75%	50%	0%
North	Main	Y	5	10.00	100%	0%	0%
Northeast	Main	Y	10	8.00	50%	30%	0%
Northwest	Main	Y	4	15.00	100%	50%	0%
South Central	Main	Y	7	15.71	100%	57%	0%
Upstate NY	Main	Y	4	10.00	50%	50%	0%

Data


Carleton	Guelph A	10	0	10
McMaster C	McGill B	10	0	10
Toronto H	McGill C	10	10	20
Queen's A	McMaster A	10	10	20
Ottawa	Toronto Metropolitan	10	0	10
Toronto G	Toronto A	10	0	10
Toronto C	Toronto J	0	10	10
Toronto D	McGill A	0	0	0
Toronto I	Western Ontario	10	0	10
Toronto K	McMaster B	0	0	0
Queen's B	Waterloo	10	0	10