id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_nsjqc5hbkvgghh4viv26zdnwsi	Dmitry A. Shapiro	Level-K Reasoning in a Generalized Beauty Contest	2011	30	.pdf	application/pdf	15232	1209	72	treatments with public information and a strong coordination motive subjects' behavior is consistent with level-k reasoning. Our experimental study contributes to the existing literature on the classical beauty contest beginning with Nagel (1995), who first documents the clear pattern of level-k thinking in subject behavior. For the setting with private signals we also consider an alternative level-k model where players can not perform appropriate Bayesian updating in estimating with two public signals and r = 0.95 where more than 80% of subjects followed some level of Level-k models perform better in treatments with public signals and in phases with high r. In treatments with public signals and high values of r level-k models Table 4: Percentage of subjects who followed closely one of the levels of reasoning in the beginning of the phase Result 5: In all four treatments subjects were more likely to follow the first level of reasoning	./cache/work_nsjqc5hbkvgghh4viv26zdnwsi.pdf	./txt/work_nsjqc5hbkvgghh4viv26zdnwsi.txt