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Stress induces contextual blindness in lotteries and coordination games

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  • Brocas, Isabelle
  • Carrillo, Juan
  • Kendall, Ryan

Abstract

In this paper, we study how stress a ects risk taking in three tasks: individual lotteries, Stag Hunt (coordination) games and Hawk-Dove (anti-coordination) games. Both control and stressed subjects take more risks in all three tasks when the value of the safe option is decreased and in lotteries when the expected gain is increased. Also, subjects take longer to take decisions when stakes are high, when the safe option is less attractive and in the conceptually more dicult Hawk-Dove game. Stress (weakly) increases reaction times in those cases. Finally, our main result is that the behavior of stressed subjects in lotteries, Stag Hunt and Hawk-Dove are all highly predictive of each other (p-value

Suggested Citation

  • Brocas, Isabelle & Carrillo, Juan & Kendall, Ryan, 2017. "Stress induces contextual blindness in lotteries and coordination games," CEPR Discussion Papers 12254, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:12254
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    References listed on IDEAS

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    1. Thomas Neumann & Bodo Vogt, 2009. "Do Players’ Beliefs or Risk Attitudes Determine The Equilibrium Selections in 2x2 Coordination Games?," FEMM Working Papers 09024, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    2. Frank Heinemann & Rosemarie Nagel & Peter Ockenfels, 2009. "Measuring Strategic Uncertainty in Coordination Games," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 76(1), pages 181-221.
    3. Ekins, W. Gavin & Caceda, Ricardo & Capra, C. Monica & Berns, Gregory S., 2013. "You cannot gamble on others: Dissociable systems for strategic uncertainty and risk in the brain," Journal of Economic Behavior & Organization, Elsevier, vol. 94(C), pages 222-233.
    4. Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-474, June.
    5. Charness, Gary & Gneezy, Uri, 2012. "Strong Evidence for Gender Differences in Risk Taking," Journal of Economic Behavior & Organization, Elsevier, vol. 83(1), pages 50-58.
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    1. Brocas, Isabelle & Carrillo, Juan D. & Tarrasó, Jorge, 2018. "Self-awareness of biases in time perception," Journal of Economic Behavior & Organization, Elsevier, vol. 148(C), pages 1-19.
    2. Ryan Kendall, 2022. "Decomposing coordination failure in stag hunt games," Experimental Economics, Springer;Economic Science Association, vol. 25(4), pages 1109-1145, September.
    3. Shohfi, Thomas D. & White, Roger M., 2022. "Does native country turmoil predict immigrant workers’ honesty in markets?," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 150-164.
    4. repec:jdm:journl:v:17:y:2022:i:4:p:883-936 is not listed on IDEAS

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