Here are the results run on second

Here are the results run on second year microeconomics students at the University of Exeter.


The average was 36.68. Two-thirds the average was slightly under 24.5. The winning guess was 24. Were you a winner?

After showing them the results (of the previous year), these are the questions we discussed with students: Why did you write down your guess? If you thought everyone else was choosing their numbers randomly, what would you guess? If everyone thought the same as you, what would you guess? If everyone was rational, what should they guess (i.e. the equilibrium)? There were 6 guesses above 66.667. Does it ever make sense to guess above 67?

We then asked them to guess another number under the same rules. Before scrolling down, what do you think happened to the guesses?