Journal
ECONOMICS LETTERS
Volume 212, Issue -, Pages -Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2022.110330
Keywords
Anchoring bias; Auctions; Games; Incomplete information; Strategy
Categories
Funding
- Deutsche Forschungsgemeinschaft, Germany [TRR 190, 280092119]
- Berlin Centre for Consumer Policies (BCCP), Germany
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This study proposes a model that predicts strategy adjustments based on players' beliefs being anchored to an irrelevant number.
We propose a model whereby players' beliefs about the opponents' reasoning are anchored to an irrelevant number. The model predicts that strategies are adjusted toward the anchor if they are complements. If strategies are substitutes, adjustments away are also possible. (c) 2022 Elsevier B.V. All rights reserved.
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