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Travelers' Types

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

Abstract

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

Other versions of this item:

  • Espinosa Alejos, María Paz & Brañas Garza, Pablo & Rey Biel, Pedro, 2010. "Travellers' Types," DFAEII Working Papers 2010-03, University of the Basque Country - Department of Foundations of Economic Analysis II.
  • Pablo Brañas-Garza & María Paz Espinosa & Pedro Rey-Biel, 2011. "Travelers' Types," Post-Print hal-00978260, HAL.
Find related papers by JEL classification:
  • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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  1. Miguel A. Costa-Gomes & Vincent P. Crawford, 2004. "Cognition and Behavior in Two-Person Guessing Games: An Experimental Study," ISER Discussion Paper 0613, Institute of Social and Economic Research, Osaka University.
  2. 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.
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  4. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: Response Times Study," Levine's Bibliography 321307000000001011, UCLA Department of Economics.
  5. Stahl Dale O. & Wilson Paul W., 1995. "On Players' Models of Other Players: Theory and Experimental Evidence," Games and Economic Behavior, Elsevier, vol. 10(1), pages 218-254, July.
  6. SUETENS, Sigrid & POTTERS, Jan, 2005. "Bertrand colludes more than Cournot," Working Papers 2005037, University of Antwerp, Faculty of Applied Economics.
  7. 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.
  8. Ariel Rubinstein, 2004. "Dilemmas of an Economic Theorist," Econometric Society 2004 North American Summer Meetings 661, Econometric Society.
  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. 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.
  11. Crawford, Vincent P., 2002. "Introduction to Experimental Game Theory," Journal of Economic Theory, Elsevier, vol. 104(1), pages 1-15, May.
  12. 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.
  13. 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.
  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;Spanish Economic Association, vol. 9(2), pages 129-152, June.
  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. 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.
  17. 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.
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Cited by:

  1. Hubert János Kiss & Ismael Rodriguez-Lara & Alfonso Rosa-García, 2014. "Think Twice Before Running! Bank Runs and Cognitive Abilities," IEHAS Discussion Papers 1428, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  2. Duffy, Sean & Naddeo, JJ & Owens, David & Smith, John, 2016. "Cognitive load and mixed strategies: On brains and minimax," MPRA Paper 71878, University Library of Munich, Germany.
  3. 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.
  4. David Gill & Victoria Prowse, 2013. "Cognitive ability and learning to play equilibrium: A level-k analysis," Economics Series Working Papers 641, University of Oxford, Department of Economics.
  5. Pablo Brañas-Garza & Teresa García-Muño & Roberto Hernán, 2011. "Cognitive effort in the Beauty Contest Game," Working Papers 11-08, Chapman University, Economic Science Institute.
  6. 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.
  7. 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).
  8. Allred, Sarah & Duffy, Sean & Smith, John, 2013. "Cognitive Load and Strategic Sophistication," MPRA Paper 47997, University Library of Munich, Germany.
  9. Juan M. Benito-Ostolaza & Penélope Hernández & Juan A. Sanchis-Llopis, 2015. "Are individuals with higher cognitive ability expected to play more strategically?," Working Papers 1507, Department of Applied Economics II, Universidad de Valencia.
  10. Morone, Andrea & Morone, Piergiuseppe, 2014. "The focal point in the Traveller’s Dilemma: An Experimental Study," MPRA Paper 58071, University Library of Munich, Germany.
  11. 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.
  12. Jones, Matthew T., 2014. "Strategic complexity and cooperation: An experimental study," Journal of Economic Behavior & Organization, Elsevier, vol. 106(C), pages 352-366.

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