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Coordination under Limited Depth of Reasoning

Kneeland, T; (2016) Coordination under Limited Depth of Reasoning. Games and Economic Behavior , 96 pp. 49-64. 10.1016/j.geb.2015.12.011. Green open access

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Abstract

This paper provides the first unified explanation of behavior in coordinated attack games under both public and private information. It demonstrates that the main experimental results, such as threshold strategies, comparative statics, and the differences in behavior under public and private information, are robust predictions of limited depth of reasoning models. This is in contrast to equilibrium, which mispredicts the coordinating roles of public and private information. The analysis has implications for understanding macroeconomic phenomena, like currency attacks and debt crises, which are commonly modeled using incomplete information coordinated attack games.

Type: Article
Title: Coordination under Limited Depth of Reasoning
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.geb.2015.12.011
Publisher version: http://dx.doi.org/10.1016/j.geb.2015.12.011
Language: English
Additional information: © 2016 Elsevier Inc. This manuscript is made available under a Creative Commons Attribution Non-commercial Non-derivative 4.0 International license (CC BY-NC-ND 4.0). This license allows you to share, copy, distribute and transmit the work for personal and non-commercial use providing author and publisher attribution is clearly stated. Further details about CC BY licenses are available at http://creativecommons.org/ licenses/by/4.0. Access may be initially restricted by the publisher.
Keywords: Coordination games; Level-k models; Cognitive hierarchy models; Global games
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/1474662
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