Why do children pass in the centipede game? Cognitive limitations v. risk calculations

Behaviour in strategic games results from the combination of cognitive ability, inferences about others and preferences. The centipede game is an excellent example of a game where theoretical predictions yield low payoffs and are counterintuitive to most individuals. Isabelle Brocas discusses a game of strategy where payoffs monotonically decrease with age.

Image courtesy of interviewee

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