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This paper uses subjects’ diverse self-reported justifications to explain discrepancies
between observed heterogeneous behavior and the unique equilibrium prediction in a oneshot
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.
|Keywords (uncontrolled):||Traveler’s dilemma; self-reports; principal components; experiments|
|Research Areas:||A. > Business School > Economics
A. > Business School > Economics > Behavioural Economics group
|Depositing User:||Pablo Branas Garza|
|Date Deposited:||28 Mar 2013 06:47|
|Last Modified:||13 Oct 2016 14:26|
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