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Travelers' Types

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

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

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Handle: RePEc:bge:wpaper:407
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  1. Crawford, Vincent P., 2002. "Introduction to Experimental Game Theory," Journal of Economic Theory, Elsevier, vol. 104(1), pages 1-15, May.
  2. 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.
  3. Miguel A. Costa-Gomes & Vincent P. Crawford, 2006. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," Levine's Bibliography 321307000000000336, UCLA Department of Economics.
  4. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October.
  5. Jose Apesteguia & Steffen Huck & Jörg Oechssler, 2005. "Imitation - Theory and Experimental Evidence -," Working Papers 0419, University of Heidelberg, Department of Economics, revised Apr 2005.
  6. Dale O. Stahl & Paul W. Wilson, 2010. "On Players' Models of Other Players: Theory and Experimental Evidence," Levine's Working Paper Archive 542, David K. Levine.
  7. 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.
  8. Jacob K. Goeree & Charles A. Holt, 2000. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," Virginia Economics Online Papers 333, University of Virginia, Department of Economics.
  9. Suetens, S. & Potters, J.J.M., 2007. "Bertrand colludes more than Cournot," Other publications TiSEM 884b5bf4-2acb-4ce8-b2bf-4, Tilburg University, School of Economics and Management.
  10. Ariel Rubinstein, 2004. "Dilemmas of An Economic Theorist," Econometric Society 2004 Australasian Meetings 354, Econometric Society.
  11. 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.
  12. 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.
  13. 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.
  14. Miguel A. Costa-Gomes & Georg Weizsäcker, 2008. "Stated Beliefs and Play in Normal-Form Games," Review of Economic Studies, Oxford University Press, vol. 75(3), pages 729-762.
  15. Jordi Brandts & David J. Cooper, 2007. "It's What You Say, Not What You Pay: An Experimental Study of Manager–Employee Relationships in Overcoming Coordination Failure," Journal of the European Economic Association, MIT Press, vol. 5(6), pages 1223-1268, December.
  16. 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.
  17. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: Response Times Study," Levine's Bibliography 321307000000001011, UCLA Department of Economics.
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