Gehrig, Thomas; Güth, Werner; Levinsky, René - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003
This paper analyses individual information acquisition in an ultimatum game with aprioriunknown outside options. We find that while individual play seems to accord reasonablywell with the distribution of empirical behavior, contestants seem to grossly overweighthe value of information. While...