Travelers’ types

Branas-Garza, Pablo and Espinosa, María Paz and Rey-Biel, Pedro (2011) Travelers’ types. Journal of Economic Behavior & Organization, 78 (1-2). pp. 25-36. ISSN 0167-2681

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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.

Item Type: Article
Keywords (uncontrolled): Traveler's dilemma; Self-reports; Principal components; Experiments
Research Areas: A. > Business School > Economics
A. > Business School > Economics > Behavioural Economics group
Item ID: 12673
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Depositing User: Users 3197 not found.
Date Deposited: 18 Nov 2013 13:57
Last Modified: 13 Oct 2016 14:29
URI: http://eprints.mdx.ac.uk/id/eprint/12673

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