Showing 1 - 10 of 2,831
In this paper we investigate how heterogeneous agents choose among tournaments with different prizes. We show that if the number of agents is sufficiently small, multiple equilibria can arise. Depending on how the prize money is split over the tournaments, these may include, for example, a...
Persistent link: https://www.econbiz.de/10009007838
Response times are a simple low-cost indicator of the process of reasoning in strategic games (Rubinstein, 2007; Rubinstein, 2016). We leverage the dynamic nature of response-time data from repeated strategic interactions to measure the strategic complexity of a situation by how long people think on...
Persistent link: https://www.econbiz.de/10011607565
We explore the influence of cognitive ability and judgment on strategic behavior in the beauty contest game (where the Nash equilibrium action is zero). Using the level-k model of bounded rationality, cognitive ability and judgment both predict higher level strategic thinking. However,...
Persistent link: https://www.econbiz.de/10014584425
Response times are a simple low-cost indicator of the process of reasoning in strategic games. In this paper, we leverage the dynamic nature of response-time data from repeated strategic interactions to measure the strategic complexity of a situation by how long people think on average when they...
Persistent link: https://www.econbiz.de/10013191643
We examine the strategic sophistication of adolescents, aged 10 to 17 years, in experimental normal-form games. Besides making choices, subjects have to state their first- and second-order beliefs. We find that choices are more often a best reply to beliefs if any player has a dominant strategy...
Persistent link: https://www.econbiz.de/10003987136
. Besides making choices, decision makers have to state their first- and second-order beliefs. We find that teams play the Nash … only 40% for individuals. -- Strategic sophistication ; beliefs ; experiment ; team decision making ; individual decision …
Persistent link: https://www.econbiz.de/10003938152
vary (i) representation in the decision committee (one vs. both groups) and (ii) the decision rule (unanimity vs. majority …), proposals are balanced only if both groups have veto power (iii) negotiations often fail if the decision environment gives …
Persistent link: https://www.econbiz.de/10011387570
We examine whether biases identified in the behavioral-economics literature apply in decision-making for others (DMfO …). We conduct a laboratory experiment in which subjects make decision on behalf of themselves and others in eighteen tasks … subject's payment or utility; very few subjects report motivations that can be construed as rivalrous. …
Persistent link: https://www.econbiz.de/10011949189
The wage effect of job-education vertical mismatch (i.e. overeducation) has only recently been investigated in the case of Ph.D. holders. The existing contributions rely on OLS estimates that allow measuring the average effect of being mismatched at the mean of the conditional wages...
Persistent link: https://www.econbiz.de/10011798125
We study the choice of a principal to either delegate a decision to a group of careerist experts, or to consult them … individually and keep the decision-making power. Our model predicts a trade-off between information acquisition and information … confirm the predicted trade-off, despite some deviations from theory on the individual level. …
Persistent link: https://www.econbiz.de/10012549435