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.

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Braas Garza, Pablo; Espinosa Alejos, Mara Paz; Rey Biel, Pedro

Travelers' types

10/2011
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.
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Travelers' types
Braas Garza, Pablo; Espinosa Alejos, Mara Paz; Rey Biel, Pedro
Journal of Economic Behavior and Organization
N 78, 10/2011, p. 25 - 36

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