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Strategic Thinking

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Now · Levels of Reasoning

Levels of Reasoning

Level	Description	Example
Level 0	Random/non-strategic	Choose a number
Level 1	Best response to Level 0	Choose a number slightly less
Level 2	Best response to Level 1	Choose even less
Level $k$	Best response to Level $k-1$	Iterated reasoning

Guess

\frac{2}{3}

of the average of all guesses. Iterated elimination leads to 0 (the Nash equilibrium). But real players rarely go below Level 2. Join Discord PreviousNormal-Form GamesNextNash Equilibrium