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Games 2018, 9(3), 53;

Choices in the 11–20 Game: The Role of Risk Aversion

College of Business, Department of Economics and Finance, and CityU HK Experimental Economics Lab, City University of Hong Kong, Tat Chee Avenue, Hong Kong, China
School of Economics, Shanghai University of Finance and Economics, 777 Guoding Road, Shanghai 200433, China
Author to whom correspondence should be addressed.
Received: 29 May 2018 / Revised: 3 July 2018 / Accepted: 12 July 2018 / Published: 24 July 2018
PDF [1555 KB, uploaded 24 July 2018]


Arad and Rubinstein (2012, AER) proposed the 11–20 money request game as an alternative to the P beauty contest game for measuring the depth of thinking. In this paper, we show theoretically that in the Nash equilibrium of the 11–20 game players are more likely to choose high numbers if they are risk-averse rather than risk neutral. Hence, the depth of thinking measured in the 11–20 game is biased by risk aversion. Based on a lab experiment, we confirm this hypothesis empirically. View Full-Text
Keywords: rationality; measuring depth of thinking; risk aversion; experiment rationality; measuring depth of thinking; risk aversion; experiment

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Li, K.K.; Rong, K. Choices in the 11–20 Game: The Role of Risk Aversion. Games 2018, 9, 53.

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