Levels of Reasoning in Keynesian Beauty Contests: A Generative Framework ✶ ✶We thank Larbi Alaoui, Jess Benhabib, Antoni Bosch, Pablo Brañas-Garza, Christoph Bühren, Antonio Cabrales, Gabriele Camera, John Duffy, Björn Frank, Willemien Kets, Anita Kopanyi-Peuker, Kiminori Matsuyama, Shabnam Mousavi, Mechthild Nagel, Antonio Penta, Michael Reiter, Ricardo Serrano-Padial, Edouard Schaal, Shyam Sunder, Michael Woodford, three anonymous referees, and the editor Cars Hommes for valuable comments. For financial support we both thank the Barcelona GSE; Felix Mauersberger acknowledges the FPI grant from the Spanish Ministry of Science and Innovation and Rosemarie Nagel the grant MINECO-ECO2014-56154-R from the Spanish Ministry of Education.