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Instinctive Response in the Ultimatum Game

Author

Listed:
  • 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.

Suggested Citation

  • Pablo Brañas-Garza & Debrah Meloso & Luis M. Miller, 2008. "Instinctive Response in the Ultimatum Game," ThE Papers 08/08, Department of Economic Theory and Economic History of the University of Granada..
    • Handle: RePEc:gra:wpaper:08/08
    as

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    File URL: http://www.ugr.es/~teoriahe/RePEc/gra/wpaper/thepapers08_08.pdf
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    References listed on IDEAS

    as
    1. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October.
    2. 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 285-300, October.
    3. Piovesan, Marco & Wengström, Erik, 2009. "Fast or fair? A study of response times," Economics Letters, Elsevier, vol. 105(2), pages 193-196, November.
    4. Gary Bolton, 1998. "Bargaining and Dilemma Games: From Laboratory Data Towards Theoretical Synthesis," Experimental Economics, Springer;Economic Science Association, vol. 1(3), pages 257-281, December.
    5. Guth, Werner, 1995. "On ultimatum bargaining experiments -- A personal review," Journal of Economic Behavior & Organization, Elsevier, vol. 27(3), pages 329-344, August.
    6. Rubinstein, Ariel, 2008. "Comments On Neuroeconomics," Economics and Philosophy, Cambridge University Press, vol. 24(3), pages 485-494, November.
    7. Battigalli, Pierpaolo & Dufwenberg, Martin, 2009. "Dynamic psychological games," Journal of Economic Theory, Elsevier, vol. 144(1), pages 1-35, January.
    8. Isabelle Brocas & Juan D. Carrillo, 2008. "The Brain as a Hierarchical Organization," American Economic Review, American Economic Association, vol. 98(4), pages 1312-1346, September.
    9. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-1326, December.
    10. 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.
    11. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer;Economic Science Association, vol. 10(2), pages 171-178, June.
    12. Rubinstein, Ariel, 2008. "Comments on Neuroeconomics," Foerder Institute for Economic Research Working Papers 275708, Tel-Aviv University > Foerder Institute for Economic Research.
    13. Geanakoplos, John & Pearce, David & Stacchetti, Ennio, 1989. "Psychological games and sequential rationality," Games and Economic Behavior, Elsevier, vol. 1(1), pages 60-79, March.
    14. Greiner, Ben, 2004. "An Online Recruitment System for Economic Experiments," MPRA Paper 13513, University Library of Munich, Germany.
    15. Ken Binmore, 2007. "Does Game Theory Work? The Bargaining Challenge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026074.
    16. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December.
    17. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Brice Corgnet & Antonio M. Espín & Roberto Hernán-González, 2015. "The cognitive basis of social behavior: cognitive reflection overrides antisocial but not always prosocial motives," Working Papers 15-04, Chapman University, Economic Science Institute.
    2. Astrid Matthey & Tobias Regner, 2011. "Do I Really Want to Know? A Cognitive Dissonance-Based Explanation of Other-Regarding Behavior," Games, MDPI, Open Access Journal, vol. 2(1), pages 1-22, February.
    3. Ubeda, Paloma, 2014. "The consistency of fairness rules: An experimental study," Journal of Economic Psychology, Elsevier, vol. 41(C), pages 88-100.
    4. 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..
    5. repec:gam:jgames:v:9:y:2018:i:2:p:16-:d:138834 is not listed on IDEAS
    6. repec:eee:pubeco:v:160:y:2018:i:c:p:132-147 is not listed on IDEAS
    7. Piovesan, Marco & Wengström, Erik, 2009. "Fast or fair? A study of response times," Economics Letters, Elsevier, vol. 105(2), pages 193-196, November.
    8. Sean Duffy & Tyson Hartwig & John Smith, 2014. "Costly and discrete communication: an experimental investigation," Theory and Decision, Springer, vol. 76(3), pages 395-417, March.
    9. 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;Society for Economic Science with Heterogeneous Interacting Agents, vol. 9(1), pages 69-105, April.
    10. Duffy, Sean & Smith, John, 2014. "Cognitive load in the multi-player prisoner's dilemma game: Are there brains in games?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 51(C), pages 47-56.
    11. Duffy, Sean & Smith, John, 2011. "Cognitive load in the multi-player prisoner's dilemma game," MPRA Paper 30856, University Library of Munich, Germany.
    12. Krawczyk, Michał & Sylwestrzak, Marta, 2018. "Exploring the role of deliberation time in non-selfish behavior: The double response method," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 72(C), pages 121-134.
    13. 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.
    14. Alexander W. Cappelen & Ulrik H. Nielsen & Bertil Tungodden & Jean-Robert Tyran & Erik Wengström, 2016. "Fairness is intuitive," Experimental Economics, Springer;Economic Science Association, vol. 19(4), pages 727-740, December.
    15. Anders Poulsen & Axel Sonntag, 2019. "Focality is Intuitive - Experimental Evidence on the Effects of Time Pressure in Coordination Games," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) 19-01, School of Economics, University of East Anglia, Norwich, UK..
    16. Rubinstein, Ariel, 2012. "Response Time and Decision Making: A “Free” Experimental Study," Foerder Institute for Economic Research Working Papers 275782, Tel-Aviv University > Foerder Institute for Economic Research.
    17. Recalde, María P. & Riedl, Arno & Vesterlund, Lise, 2018. "Error-prone inference from response time: The case of intuitive generosity in public-good games," Journal of Public Economics, Elsevier, vol. 160(C), pages 132-147.
    18. 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.
    19. Hubert Janos Kiss & Ismael Rodriguez-Lara & Alfonso Rosa-Garcia, 2018. "Does response time predict withdrawal decisions? Lessons from a bank-run experiment," IEHAS Discussion Papers 1809, Institute of Economics, Centre for Economic and Regional Studies.
    20. Lotito, Gianna & Migheli, Matteo & Ortona, Guido, 2019. "Some Experimental Evidence on Type Stability and Response Times," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201919, University of Turin.

    More about this item

    Keywords

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

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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