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Does response time predict withdrawal decisions? Lessons from a bank-run experiment
Kiss, Hubert János; Rodríguez-Lara, Ismael; … - 2018
We study how response time in a laboratory experiment on bank runs affects withdrawal decisions. In our setup, the bank … difficulty and optimality of withdrawal decision. We hypothesize that a) the more difficult the decision, the longer the response …
Persistent link: https://www.econbiz.de/10012290256
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Think twice before running! bank runs and cognitive abilities
Kiss, Hubert János; Rodríguez-Lara, Ismael; … - 2014
We assess the impact of cognitive abilities on withdrawal decisions in a bank-run game. In our setup, depositors choose sequentially between withdrawing or keeping their funds deposited in a common bank. They may observe previous decisions depending on the information structure. Theoretically,...
Persistent link: https://www.econbiz.de/10010429136
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Strategic complexity and the value of thinking
Gill, David; Prowse, Victoria - 2022
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
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Using response times to measure strategic complexity and the value of thinking in games
Gill, David; Prowse, Victoria L. - 2017
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
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Would depositors like to show others that they do not withdraw? : theory and experiment
Kinateder, Markus; Kiss, Hubert János; Pintér, Ágnes - 2015
keep the money deposited: it is more likely that withdrawals are observed. We study how decision-making changes if … depositors are able to make their decision to keep their funds in the bank visible to subsequent depositors at a cost. We show … the no-run outcome the unique equilibrium. We test if the theoretical predicitions hold in a lab experiment. We find that …
Persistent link: https://www.econbiz.de/10011450033
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Cognitive abilities and behavioral biases
Oechssler, Joerg (contributor); Roider, Andreas (contributor) - 2008
We use a simple, three-item test for cognitive abilities to investigate whether established behavioral biases that play a prominent role in behavioral economics and finance are related to cognitive abilities. We find that higher test scores on the Cognitive Reflection Test of Frederick (2005)...
Persistent link: https://www.econbiz.de/10003747336
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Biases in beliefs : experimental evidence
Bauer, Dominik; Wolff, Irenaeus - 2019 - This version: 20th February, 2019
Many papers have reported behavioral biases in belief formation that come on top of standard game-theoretic reasoning. We show that the processes involved depend on the way participants reason about their beliefs. When they think about what everybody else or another "unspeci fied" individual is...
Persistent link: https://www.econbiz.de/10012308290
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Cognitive sophistication and deliberation times
Alós-Ferrer, Carlos; Buckenmaier, Johannes - 2019 - Revised version
Differences in cognitive sophistication and effort are at the root of behavioral heterogeneity in economics. To explain this heterogeneity, behavioral models assume that certain choices indicate higher cognitive effort. A fundamental problem with this approach is that observing a choice does not...
Persistent link: https://www.econbiz.de/10012006965
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Cognitive sophistication and deliberation times
Alós-Ferrer, Carlos; Buckenmaier, Johannes - 2018 - This version: July 2018
Behavioral heterogeneity arising from cognitive differences among economic agents plays a fundamental role in the economy. To explain this heterogeneity, models of iterative thinking assume that certain choices indicate higher cognitive effort. That is, choices are used to infer the cognitive...
Persistent link: https://www.econbiz.de/10011880533
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More than outcomes : the role of self-image in other-regarding behavior
Matthey, Astrid; Regner, Tobias - 2014
We conduct a modified dictator game in order to analyze the role self-image concerns play in other-regarding behavior. While we generally follow Konow (2000), a cognitive dissonance-based model of other-regarding behavior in dictator games, we relax one of its assumptions as we allow for...
Persistent link: https://www.econbiz.de/10010475637