A quote from Keynes, 1936, p.156 regarding the levels of thinking regarding beauty contests:
"It is not a case of choosing those [faces] which, to the best of one's judgment, are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees."
Have a wiki about the beauty contest here.
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