Hot vs. Cold: Sequential Responses and Preference Stability in Experimental Games
AbstractIn experiments with two-person sequential games we analyze whether responses to favorable and unfavorable actions depend on the elicitation procedure. In our â€œhotâ€ treatment the second player responds to the first player's observed action while in our â€œcoldâ€ treatment we follow the â€œstrategy methodâ€ and have the second player decide on a contingent action for each and every possible first player move, without first observing this move. Our analysis centers on the degree to which subjects deviate from the maximization of their pecuniary rewards, as a response to others' actions. Our results show no difference in behavior between the two treatments. We also find evidence of the stability of subjects' preferences with respect to their behavior over time and to the consistency of their choices as first and second mover. Copyright Kluwer Academic Publishers 2000
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Bibliographic InfoArticle provided by Springer in its journal Experimental Economics.
Volume (Year): 2 (2000)
Issue (Month): 3 (March)
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Web page: http://www.springerlink.com/link.asp?id=102888
experiments; cooperation; strategy method;
Other versions of this item:
- Brandts, J. & Charness, G., 1998. "Hot Vs. Cold: Sequential Responses and Preference Stability in Experimental Games," UFAE and IAE Working Papers 424.98, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Jordi Brandts & Gary Charness, 1998. "Hot vs. cold: Sequential responses and preference stability in experimental games," Economics Working Papers 321, Department of Economics and Business, Universitat Pompeu Fabra.
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
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