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One, Two, (Three), Infinity, ...: Newspaper and Lab Beauty-Contest Experiments by Antoni Bosch-Domènech, José G. Montalvo, Rosemarie Nagel and Albert Satorra. Published in volume 92, issue 5, pages 1687-1701 of American Economic Review, December 2002
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Bosch‐Domènech et al. (2002) studied this question.
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