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Author Info

  • Pablo Brañas-Garza
  • Maréa Paz Espinosa
  • Pedro Rey-Biel

Abstract

This paper uses subjects self-reported justifications to explain discrepancies between observed heterogeneous behavior and the unique equilibrium prediction in a one-shot travelers dilemma experiment (TD). Principal components (PC) 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. Overall, we identify types of subjects whose motivations are consistent across tasks.

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Bibliographic Info

Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 407.

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Date of creation: Jul 2008
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Handle: RePEc:bge:wpaper:407

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Keywords: traveler’s dilemma; self-reports; principal components; experiments;

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References

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  1. Jacob K. Goeree & Charles A. Holt, 2001. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," American Economic Review, American Economic Association, vol. 91(5), pages 1402-1422, December.
  2. Ariel Rubinstein, 2006. "Instinctive and Cognitive Reasoning: A Study of Response Times," Discussion Papers 1424, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. 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.
  4. Ariel Rubinstein, 2004. "Dilemmas of an Economic Theorist," Econometric Society 2004 North American Summer Meetings 661, Econometric Society.
  5. Jose Apesteguia & Steffen Huck & Jorg Oechssler, 2004. "Imitation - Theory and Experimental Evidence," Levine's Bibliography 122247000000000132, UCLA Department of Economics.
  6. Stahl, Dale II & Wilson, Paul W., 1994. "Experimental evidence on players' models of other players," Journal of Economic Behavior & Organization, Elsevier, vol. 25(3), pages 309-327, December.
  7. Sigrid Suetens & Jan Potters, 2007. "Bertrand colludes more than Cournot," Experimental Economics, Springer, vol. 10(1), pages 71-77, March.
  8. Miguel A. Costa-Gomes & Georg Weizs�cker, 2008. "Stated Beliefs and Play in Normal-Form Games," Review of Economic Studies, Oxford University Press, vol. 75(3), pages 729-762.
  9. 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.
  10. 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.
  11. Leonardo Becchetti & Giacomo Degli Antoni & Marco Faillo, 2009. "Shedding Light into Preference Heterogeneity: Why Players of Traveller’s Dilemma Depart from Individual Rationality?," Econometica Working Papers wp09, Econometica.
  12. Crawford, Vincent P., 2002. "Introduction to Experimental Game Theory," Journal of Economic Theory, Elsevier, vol. 104(1), pages 1-15, May.
  13. Vincent P. Crawford & Miguel A. Costa-Gomes, 2006. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 96(5), pages 1737-1768, December.
  14. Susana Cabrera & C. Capra & Rosario Gómez, 2007. "Behavior in one-shot traveler’s dilemma games: model and experiments with advice," Spanish Economic Review, Springer, vol. 9(2), pages 129-152, June.
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Citations

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Cited by:
  1. Gill, David & Prowse, Victoria, 2012. "Cognitive ability and learning to play equilibrium: A level-k analysis," MPRA Paper 38317, University Library of Munich, Germany, revised 23 Apr 2012.
  2. Chen, Chia-Ching & Chiu, I-Ming & Smith, John & Yamada, Tetsuji, 2013. "Too smart to be selfish? Measures of cognitive ability, social preferences, and consistency," Journal of Economic Behavior & Organization, Elsevier, vol. 90(C), pages 112-122.
  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. 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).
  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.

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