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| Author: | Bardsley, N. (et al.) |
| Title: | Explaining focal points: cognitive hierarchy theory versus team reasoning |
| Journal: | Economic Journal
2010 : MAR, VOL 120:543 p. 40-79 |
| Index terms: | equilibrium analysis team work hierarchical organizations coordination cognition |
| Freeterms: | focal points team reasoning |
| Language: | eng |
| Abstract: | This paper reports experimental tests of two alternative explanations of how players use focal points to select equilibria in one-shoot coordination games. Cognitive hierarchy theory explains coordination as the result of common beliefs about players' pre-reflective inclinations towards the relevant strategies: the theory of team reasoning explains it as the result of the players' using a non-standard form of reasoning. Two experiments are reported: (1) finding strong support for team reasoning (2) support of cognitive hierarchy theory. In the light of additional questionnaire evidence, it is concluded that players' reasoning in sensitive to the decision context. |
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