Brañas-Garza, Pablo; Espinosa, María Paz; Rey-Biel, Pedro - In: Journal of Economic Behavior & Organization 78 (2011) 1, pp. 25-36
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,...