M. Agranov, A. Caplin, and C. Tergiman, Naive play and the process of choices in guessing games, Journal of Economic Science Association, vol.1, pp.146-157, 2015.

G. A. Akerlof and J. L. Yellen, Can small deviations from rationality make significant differences in economic equilibria?, American Economic Review, vol.75, pp.708-720, 1985.

, A near-rational model of the business cycle, with wage and price inertia, Quarterly Journal of Economics, vol.100, pp.823-838, 1985.

A. Arad and A. Rubinstein, The 11-20 money request game: A level-k reasoning study, American Economic Review, vol.102, pp.3561-3573, 2012.

D. Ariely, Predictably Irrational: The Hidden Forces That Shape Our Decisions, 2008.

T. Bao, M. Hennequin, C. Hommes, and D. Massaro, Coordination on bubbles in large-group asset pricing experiments, 2016.

T. Bao, C. Hommes, J. Sonnemans, and J. Tuinstra, Individual expectations, limited rationality and aggregate outcomes, Journal of Economic Dynamics and Control, vol.36, pp.1101-1120, 2012.

G. S. Becker, Irrational Behavior and Economic Theory, Journal of Political Economy, vol.70, pp.1-13, 1962.

A. Bosch-domènech, J. G. Montalvo, R. Nagel, and A. Satorra, Newspaper and lab beauty-contest experiments, American Economic Review, vol.92, pp.1687-1701, 2002.

, A finite mixture analysis of beauty-contest data using generalized beta distribution, Experimental Economics, vol.13, pp.461-475, 2010.

Y. Breitmoser, Strategic reasoning in p-beauty contests, Games and Economic Behavior, vol.75, pp.555-569, 2012.

W. A. Brock and C. H. Hommes, A Rational Route to Randomness, Econometrica, vol.65, pp.1059-1095, 1997.

C. F. Camerer, Behavioral Game Theory: Experiments in Strategic Interaction, 2003.

C. F. Camerer, T. Ho, and J. Chong, A cognitive hierarchy model of games, Quarterly Journal of Economics, vol.119, pp.861-898, 2004.

E. Chou, M. Mcconnell, R. Nagel, and C. R. Plott, The control of game form recognition in experiments: understanding dominant strategy failures in a simple two person "guessing" game, Experimental Economics, vol.12, pp.1386-4157, 2009.

J. Conlisk, Why bounded rationality?, Journal of Economic Literature, vol.34, pp.669-700, 1996.

M. A. Costa-gomes and V. P. Crawford, Cognition and Behavior in Two-Person Guessing Games: An Experimental Study, American Economic Review, vol.96, pp.1737-1768, 2006.

J. B. De-long, A. Shleifer, L. H. Summers, and R. J. Waldmann, Noise trader risk in financial markets, Journal of Political Economy, vol.98, pp.703-738, 1990.

J. Duffy, Macroeconomics: A survey of laboratory research, Handbook of Experimental Economics, vol.2, 2016.

E. Fehr and J. Tyran, Individual Irrationality and Aggregate Outcomes, Journal of Economic Perspectives, vol.19, pp.43-66, 2005.

, Limited Rationality and Strategic Interaction: The Impact of the strategic environment on nominal inertia, Econometrica, vol.76, pp.353-394, 2008.

D. Friedman, S. Huck, R. Oprea, and S. Weidenholzer, From imitation to collusion: Long-run learning in a low-information environment, Journal of Economic Theory, vol.155, pp.185-205, 2015.

D. K. Gode and S. Sunder, Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality, Journal of Political Economy, vol.101, pp.119-137, 1993.

, What makes markets allocationally efficient?, Quarterly Journal of Economics, vol.112, pp.603-630, 1997.

J. K. Goeree and C. A. Holt, The Little Treasures of Game Theory and Ten Intuitive Contradictions, vol.91, pp.1402-1422, 2001.

, A model of noisy introspection, Games and Economic Behavior, vol.46, pp.365-382, 2004.

J. K. Goeree, P. Louis, and J. Zhang, Noisy Intropection in the "11-20" Game, 2014.

B. Grosskopf and R. Nagel, The two-person beauty contest, Games and Economic Behavior, vol.62, pp.93-99, 2008.

W. Güth, M. Kocher, and M. Sutter, Experimental 'beauty contests' with homogeneous and heterogeneous players and with interior and boundary equilibria, Economic Letters, vol.74, pp.219-228, 2002.

J. Haltiwanger and M. Waldman, Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity, American Economics Review, vol.75, pp.326-340, 1985.

, Limited Rationality and Strategic Complements: The implications for macroeconomics, Quarterly Journal of Economics, vol.104, pp.463-484, 1989.

, Responders versus non-responders: A new perspective on heterogeneity, Economic Journal, vol.101, pp.1085-1102, 1991.

P. Heemeijer, C. Hommes, J. Sonnemans, and J. Tuinstra, Price stability and volatility in markets with positive and negative expectations feedback: An experimental investigation, Journal of Economic Dynamics and Control, vol.33, pp.1052-1072, 2009.

T. Ho, C. Camerer, and K. Weigelt, Iterated dominance and iterated best response in experimental "p-beauty contests, American Economic Review, vol.88, pp.947-969, 1998.

C. Hommes, J. Sonnemans, J. Tuinstra, and H. Van-de-velden, Coordination of expectations in asset pricing experiments, Review of Financial Studies, vol.18, pp.955-980, 2005.

S. Huck, H. Normann, and J. Oechssler, Two are few and four are many: number effects in experimental oligopolies, Journal of Economic Behavior and Organization, vol.53, pp.435-446, 2004.

D. Kahneman, Thinking, Fast and Slow, 2011.

R. Spiegler, Bounded Rationality and Industrial Organization, 2011.

D. O. Stahl and P. W. Wilson, Experimental evidence on players' models of other players, Journal of Economic Behavior and Organization, vol.25, pp.309-327, 1994.

S. Suetens and J. Potters, Bertland colludes more than Cournot, Experimental Economics, vol.10, pp.71-77, 2007.

A. Sutan and M. Willinger, Guessing with negative feedback: An experiment, Journal of Economic Dynamics and Control, vol.33, pp.1123-1133, 2009.

R. H. Thaler, The Winner's Curse: Paradoxes and Anomalies of Economic Life, 1992.