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Travelers' types

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  • Brañas-Garza, Pablo
  • Espinosa, María Paz
  • Rey-Biel, Pedro

Abstract

This paper uses subjects' diverse self-reported justifications to explain discrepancies between observed heterogeneous behavior and the unique equilibrium prediction in a one-shot traveler's dilemma experiment. Principal components analysis suggests that iterative reasoning, aspiration levels, competitive behavior, attitudes towards risk and penalties and focal points may be behind different choices. Such reasons are coherent with same subjects' behavior in other tests and experiments in which these particular issues are prominent, and thus, we identify "types" of subjects. Overall, we conclude that subjects' self-justifications in complex strategic situations contain informational value which may be used to predict behavior in other situations of economic importance.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 78 (2011)
Issue (Month): 1-2 (April)
Pages: 25-36

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Handle: RePEc:eee:jeborg:v:78:y:2011:i:1-2:p:25-36

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Keywords: Traveler's dilemma Self-reports Principal components Experiments;

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References

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  1. Jose Apesteguia & Steffen Huck & Jörg Oechssler, 2005. "Imitation - Theory and Experimental Evidence -," Working Papers 0419, University of Heidelberg, Department of Economics, revised Apr 2005.
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  5. Ariel Rubinstein, 2006. "Instinctive and Cognitive Reasoning: A Study of Response Times," Working Papers 2006.36, Fondazione Eni Enrico Mattei.
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  11. Basu, Kaushik, 1994. "The Traveler's Dilemma: Paradoxes of Rationality in Game Theory," American Economic Review, American Economic Association, vol. 84(2), pages 391-95, May.
  12. David J. Cooper & John H. Kagel, 2005. "Are Two Heads Better Than One? Team versus Individual Play in Signaling Games," American Economic Review, American Economic Association, vol. 95(3), pages 477-509, June.
  13. Brañas-Garza, Pablo & Guillen, Pablo & del Paso, Rafael López, 2008. "Math skills and risk attitudes," Economics Letters, Elsevier, vol. 99(2), pages 332-336, May.
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Citations

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Cited by:
  1. Andrea Morone & Piergiuseppe Morone, 2012. "Individual and Group Behaviours in the Traveller's Dilemma: An Experimental Study," Working Papers 2012/09, Economics Department, Universitat Jaume I, Castellón (Spain).
  2. Morone, Andrea & Morone, Piergiuseppe, 2014. "The focal point in the Traveller’s Dilemma: An Experimental Study," MPRA Paper 58071, University Library of Munich, Germany.
  3. Rodrigo Moro & Esteban Freidin & Fernando Tohmé & Marcelo Auday, 2011. "La teoría de juegos conductual, el dilema del viajero alternativo y la maximización de pagos," Estudios de Economia, University of Chile, Department of Economics, vol. 38(2 Year 20), pages 457-473, December.
  4. Chen, Chia-Ching & Chiu, I-Ming & Smith, John & Yamada, Tetsuji, 2012. "Too smart to be selfish? Measures of cognitive ability, social preferences, and consistency," MPRA Paper 41078, University Library of Munich, Germany.
  5. Duffy, Sean & Smith, John, 2012. "Cognitive load in the multi-player prisoner's dilemma game: Are there brains in games?," MPRA Paper 38825, University Library of Munich, Germany.
  6. Brañas-Garza, Pablo & García-Muñoz, Teresa & González, Roberto Hernán, 2012. "Cognitive effort in the Beauty Contest Game," Journal of Economic Behavior & Organization, Elsevier, vol. 83(2), pages 254-260.
  7. Allred, Sarah & Duffy, Sean & Smith, John, 2013. "Cognitive Load and Strategic Sophistication," MPRA Paper 47997, University Library of Munich, Germany.
  8. David Gill & Victoria Prowse, 2013. "Cognitive ability and learning to play equilibrium: A level-k analysis," Economics Series Working Papers 641, University of Oxford, Department of Economics.

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