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Assessing Mental Models via Recording the Decision Deliberations of Pairs

Author

Listed:
  • Siegfried K. Berninghaus

    () (Karlsruhe Institute of Technology, Institute for Economic Theory and Statistics)

  • Werner Güth

    () (Max Planck Institute of Economics, Strategic Interaction Group)

  • Charlotte Klempt

    () (Institute for Applied Economic Research)

  • Kerstin Pull

    () (Eberhard Karls Universität Tübingen)

Abstract

Two participants have to decide jointly, with the discussions preceding their choice being video/audiotaped. For two tasks, one with and one without strategic interaction, we refer to obvious reasoning styles as mental models. The videotaped discussions are analyzed according to which mental models are mentioned by one or both participants in the same pair and how decisive such arguments were. The mental models for the risky choice task are "analytic approach", "commitment mode", and "avoid chance", and for the outside-option game "equality seeking", "backward induction", and "forward induction". We classify each pair according to their mental constellation in both tasks and assess mental models in addition to collecting choice data. Altogether, this allows for better explanations, especially of heterogeneity in reasoning and deciding.

Suggested Citation

  • Siegfried K. Berninghaus & Werner Güth & Charlotte Klempt & Kerstin Pull, 2013. "Assessing Mental Models via Recording the Decision Deliberations of Pairs," Jena Economic Research Papers 2013-012, Friedrich-Schiller-University Jena.
  • Handle: RePEc:jrp:jrpwrp:2013-012
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    References listed on IDEAS

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    More about this item

    Keywords

    behavioral principles; videotaped experiments; outside option games;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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