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Travelers' Types

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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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File URL: http://research.barcelonagse.eu/tmp/working_papers/407.pdf
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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. Jose Apesteguia & Steffen Huck & Jörg Oechssler, 2003. "Imitation - Theory and Experimental Evidence," Bonn Econ Discussion Papers, University of Bonn, Germany bgse20_2003, University of Bonn, Germany, revised Aug 2004.
  2. SUETENS, Sigrid & POTTERS, Jan, 2005. "Bertrand colludes more than Cournot," Working Papers 2005037, University of Antwerp, Faculty of Applied Economics.
  3. Jacob K. Goeree & Charles A. Holt, 2001. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," American Economic Review, American Economic Association, American Economic Association, vol. 91(5), pages 1402-1422, December.
  4. 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.
  5. Costa-Gomes, Miguel A. & Crawford, Vincent P., 2004. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego qt449812fx, Department of Economics, UC San Diego.
  6. Basu, Kaushik, 1994. "The Traveler's Dilemma: Paradoxes of Rationality in Game Theory," American Economic Review, American Economic Association, American Economic Association, vol. 84(2), pages 391-95, May.
  7. 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, American Economic Association, vol. 95(3), pages 477-509, June.
  8. Crawford, Vincent P., 2002. "Introduction to Experimental Game Theory," Journal of Economic Theory, Elsevier, Elsevier, vol. 104(1), pages 1-15, May.
  9. Ariel Rubinstein, 2006. "Instinctive and Cognitive Reasoning: A Study of Response Times," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1424, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  10. Ariel Rubinstein, 2006. "Dilemmas of an Economic Theorist," Econometrica, Econometric Society, Econometric Society, vol. 74(4), pages 865-883, 07.
  11. Susana Cabrera & C. Capra & Rosario Gómez, 2007. "Behavior in one-shot traveler’s dilemma games: model and experiments with advice," Spanish Economic Review, Springer, Springer, vol. 9(2), pages 129-152, June.
  12. 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, Econometica wp09, Econometica.
  13. Brañas-Garza, Pablo & Guillen, Pablo & del Paso, Rafael López, 2008. "Math skills and risk attitudes," Economics Letters, Elsevier, Elsevier, vol. 99(2), pages 332-336, May.
  14. Stahl, Dale II & Wilson, Paul W., 1994. "Experimental evidence on players' models of other players," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 25(3), pages 309-327, December.
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Citations

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Cited by:
  1. David Gill & Victoria Prowse, 2013. "Cognitive ability and learning to play equilibrium: A level-k analysis," Economics Series Working Papers, University of Oxford, Department of Economics 641, University of Oxford, Department of Economics.
  2. 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.
  3. Allred, Sarah & Duffy, Sean & Smith, John, 2013. "Cognitive Load and Strategic Sophistication," MPRA Paper 47997, University Library of Munich, Germany.
  4. 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, University of Chile, Department of Economics, vol. 38(2 Year 20), pages 457-473, December.
  5. Brañas-Garza, Pablo & García-Muñoz, Teresa & González, Roberto Hernán, 2012. "Cognitive effort in the Beauty Contest Game," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 83(2), pages 254-260.
  6. Andrea Morone & Piergiuseppe Morone, 2012. "Individual and Group Behaviours in the Traveller's Dilemma: An Experimental Study," Working Papers, Economics Department, Universitat Jaume I, Castellón (Spain) 2012/09, Economics Department, Universitat Jaume I, Castellón (Spain).
  7. 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.
  8. Morone, Andrea & Morone, Piergiuseppe, 2014. "The focal point in the Traveller’s Dilemma: An Experimental Study," MPRA Paper 58071, University Library of Munich, Germany.

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