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Travelers’ types

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

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

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

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Handle: RePEc:eee:jeborg:v:78:y:2011:i:1:p:25-36
Contact details of provider: Web page: http://www.elsevier.com/locate/jebo

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  2. Ariel Rubinstein, 2004. "Dilemmas of An Economic Theorist," Econometric Society 2004 Australasian Meetings 354, Econometric Society.
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  9. Miguel A. Costa-Gomes & Vincent P. Crawford, 2004. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," Levine's Bibliography 122247000000000113, UCLA Department of Economics.
  10. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October.
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  15. repec:ner:tilbur:urn:nbn:nl:ui:12-302953 is not listed on IDEAS
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