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Instinctive Response in the Ultimatum Game

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Author Info

  • Pablo Brañas-Garza

    ()
    (Department of Economic Theory and Economic History, University of Granada.)

  • Debrah Meloso

    ()
    (Dpt. of Decision Sciences and Dondena Center, Bocconi University)

  • Luis M. Miller

    ()
    (Departamento de Fundamentos del Análisis Económico II,Facultad de Ciencias Económicas y Empresariales, Universidad del País Vasco)

Abstract

In a series of recent papers, Ariel Rubinstein claims that the study of response time sheds light on the process of reasoning involved in classical economic decision problems. In particular, he considers that a distinction can be drawn between instinc- tive and cognitive reasoning. This paper complements and expands upon Rubinstein's study on time responses. We show that strategic risk is the key element in explaining differences in median response time in ultimatum behavior.

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File URL: http://www.ugr.es/~teoriahe/RePEc/gra/wpaper/thepapers08_08.pdf
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Bibliographic Info

Paper provided by Department of Economic Theory and Economic History of the University of Granada. in its series ThE Papers with number 08/08.

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Length: 14 pages
Date of creation: 20 Nov 2008
Date of revision:
Handle: RePEc:gra:wpaper:08/08

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Related research

Keywords: Economic experiments; Ultimatum game; Yes-or-No game; median response time.;

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References

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  1. Guth, Werner, 1995. "On ultimatum bargaining experiments -- A personal review," Journal of Economic Behavior & Organization, Elsevier, vol. 27(3), pages 329-344, August.
  2. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  3. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October.
  4. Pierpaolo Battigalli & Martin Dufwenberg, 2005. "Dynamic Psychological Games," Levine's Bibliography 784828000000000046, UCLA Department of Economics.
  5. Rubinstein, Ariel, 2008. "Comments On Neuroeconomics," Economics and Philosophy, Cambridge University Press, vol. 24(03), pages 485-494, November.
  6. Marco Piovesan & Erik Wengström, 2008. "Fast or Fair? A Study of Response Times," Discussion Papers 08-09, University of Copenhagen. Department of Economics.
  7. Gary Bolton, 1998. "Bargaining and Dilemma Games: From Laboratory Data Towards Theoretical Synthesis," Experimental Economics, Springer, vol. 1(3), pages 257-281, December.
  8. M. Rabin, 2001. "Incorporating Fairness into Game Theory and Economics," Levine's Working Paper Archive 511, David K. Levine.
  9. Manishi Prasad & Peter Wahlqvist & Rich Shikiar & Ya-Chen Tina Shih, 2004. "A," PharmacoEconomics, Springer Healthcare | Adis, vol. 22(4), pages 225-244.
  10. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1986. "Fairness and the Assumptions of Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages S285-300, October.
  11. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
  12. Isabelle Brocas & Juan D. Carrillo, 2008. "The Brain as a Hierarchical Organization," American Economic Review, American Economic Association, vol. 98(4), pages 1312-46, September.
  13. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  14. ATTANASI Giuseppe & NAGEL Rosemarie, 2008. "A Survey of Psychological Games: Theoretical Findings and Experimental Evidence," LERNA Working Papers 08.07.251, LERNA, University of Toulouse.
  15. Greiner, Ben, 2004. "An Online Recruitment System for Economic Experiments," MPRA Paper 13513, University Library of Munich, Germany.
  16. Geanakoplos, John & Pearce, David & Stacchetti, Ennio, 1989. "Psychological games and sequential rationality," Games and Economic Behavior, Elsevier, vol. 1(1), pages 60-79, March.
  17. Ken Binmore, 2007. "Does Game Theory Work? The Bargaining Challenge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026074, December.
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Citations

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Cited by:
  1. 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.
  2. Duffy, Sean & Hartwig, Tyson & Smith, John, 2010. "Costly and discrete communication: An experimental investigation," MPRA Paper 24148, University Library of Munich, Germany.
  3. Pablo Brañas-Garza, 2008. "Expected Behavior in the Dictator Game," ThE Papers 08/12, Department of Economic Theory and Economic History of the University of Granada..
  4. Duffy, Sean & Smith, John, 2012. "Cognitive load in the multi-player prisoner's dilemma game," MPRA Paper 35906, University Library of Munich, Germany.
  5. Ariel Rubenstein, 2013. "Response time and decision making: An experimental study," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(5), pages 540-551, September.
  6. Shu-Heng Chen & Ye-Rong Du & Lee-Xieng Yang, 2014. "Cognitive capacity and cognitive hierarchy: a study based on beauty contest experiments," Journal of Economic Interaction and Coordination, Springer, vol. 9(1), pages 69-105, April.

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