IDEAS home Printed from https://ideas.repec.org/a/plo/pone00/0011663.html
   My bibliography  Save this article

Human Wagering Behavior Depends on Opponents' Faces

Author

Listed:
  • Erik J Schlicht
  • Shinsuke Shimojo
  • Colin F Camerer
  • Peter Battaglia
  • Ken Nakayama

Abstract

Research in competitive games has exclusively focused on how opponent models are developed through previous outcomes and how peoples' decisions relate to normative predictions. Little is known about how rapid impressions of opponents operate and influence behavior in competitive economic situations, although such subjective impressions have been shown to influence cooperative decision-making. This study investigates whether an opponent's face influences players' wagering decisions in a zero-sum game with hidden information. Participants made risky choices in a simplified poker task while being presented opponents whose faces differentially correlated with subjective impressions of trust. Surprisingly, we find that threatening face information has little influence on wagering behavior, but faces relaying positive emotional characteristics impact peoples' decisions. Thus, people took significantly longer and made more mistakes against emotionally positive opponents. Differences in reaction times and percent correct were greatest around the optimal decision boundary, indicating that face information is predominantly used when making decisions during medium-value gambles. Mistakes against emotionally positive opponents resulted from increased folding rates, suggesting that participants may have believed that these opponents were betting with hands of greater value than other opponents. According to these results, the best “poker face” for bluffing may not be a neutral face, but rather a face that contains emotional correlates of trustworthiness. Moreover, it suggests that rapid impressions of an opponent play an important role in competitive games, especially when people have little or no experience with an opponent.

Suggested Citation

  • Erik J Schlicht & Shinsuke Shimojo & Colin F Camerer & Peter Battaglia & Ken Nakayama, 2010. "Human Wagering Behavior Depends on Opponents' Faces," PLOS ONE, Public Library of Science, vol. 5(7), pages 1-10, July.
  • Handle: RePEc:plo:pone00:0011663
    DOI: 10.1371/journal.pone.0011663
    as

    Download full text from publisher

    File URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0011663
    Download Restriction: no

    File URL: https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0011663&type=printable
    Download Restriction: no

    File URL: https://libkey.io/10.1371/journal.pone.0011663?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    2. Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
    3. Marc O. Ernst & Martin S. Banks, 2002. "Humans integrate visual and haptic information in a statistically optimal fashion," Nature, Nature, vol. 415(6870), pages 429-433, January.
    4. Jean-Pierre Ponssard, 1975. "Zero-Sum Games with "Almost" Perfect Information," Management Science, INFORMS, vol. 21(7), pages 794-805, March.
    5. David K. Levine, 1998. "Modeling Altruism and Spitefulness in Experiment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(3), pages 593-622, July.
    6. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July.
    7. Jean-Pierre Ponssard & Sylvain Sorin, 1980. "The L-P formulation of finite zero sum games with incomplete information," Post-Print hal-00364266, HAL.
    8. McCabe, Kevin A. & Rassenti, Stephen J. & Smith, Vernon L., 1998. "Reciprocity, Trust, and Payoff Privacy in Extensive Form Bargaining," Games and Economic Behavior, Elsevier, vol. 24(1-2), pages 10-24, July.
    9. Camerer, Colin & Weigelt, Keith, 1988. "Experimental Tests of a Sequential Equilibrium Reputation Model," Econometrica, Econometric Society, vol. 56(1), pages 1-36, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mario Rojas Q. & David Masip & Alexander Todorov & Jordi Vitria, 2011. "Automatic Prediction of Facial Trait Judgments: Appearance vs. Structural Models," PLOS ONE, Public Library of Science, vol. 6(8), pages 1-12, August.
    2. Duan, Yang & Hsieh, Tien-Shih & Wang, Ray R. & Wang, Zhihong, 2020. "Entrepreneurs' facial trustworthiness, gender, and crowdfunding success," Journal of Corporate Finance, Elsevier, vol. 64(C).
    3. Hsieh, Tien-Shih & Kim, Jeong-Bon & Wang, Ray R. & Wang, Zhihong, 2020. "Seeing is believing? Executives' facial trustworthiness, auditor tenure, and audit fees," Journal of Accounting and Economics, Elsevier, vol. 69(1).
    4. Ronnie Bryan & Pietro Perona & Ralph Adolphs, 2012. "Perspective Distortion from Interpersonal Distance Is an Implicit Visual Cue for Social Judgments of Faces," PLOS ONE, Public Library of Science, vol. 7(9), pages 1-9, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Urs Fischbacher & Simeon Schudy, 2014. "Reciprocity and resistance to comprehensive reform," Public Choice, Springer, vol. 160(3), pages 411-428, September.
    2. Gillies, Anthony S & Rigdon, Mary L, 2008. "Epistemic Conditions and Social Preferences in Trust Games," MPRA Paper 9626, University Library of Munich, Germany.
    3. Andreoni, James & Samuelson, Larry, 2006. "Building rational cooperation," Journal of Economic Theory, Elsevier, vol. 127(1), pages 117-154, March.
    4. Marie-Laure Cabon-Dhersin & Nathalie Etchart-Vincent, 2012. "The puzzle of cooperation in a game of chicken: an experimental study," Theory and Decision, Springer, vol. 72(1), pages 65-87, January.
    5. Cox, James C., 2004. "How to identify trust and reciprocity," Games and Economic Behavior, Elsevier, vol. 46(2), pages 260-281, February.
    6. McCabe, Kevin A. & Rigdon, Mary L. & Smith, Vernon L., 2003. "Positive reciprocity and intentions in trust games," Journal of Economic Behavior & Organization, Elsevier, vol. 52(2), pages 267-275, October.
    7. John A. List, 2007. "On the Interpretation of Giving in Dictator Games," Journal of Political Economy, University of Chicago Press, vol. 115(3), pages 482-493.
    8. Engelmann, Dirk & Fischbacher, Urs, 2009. "Indirect reciprocity and strategic reputation building in an experimental helping game," Games and Economic Behavior, Elsevier, vol. 67(2), pages 399-407, November.
    9. Barmettler, Franziska & Fehr, Ernst & Zehnder, Christian, 2012. "Big experimenter is watching you! Anonymity and prosocial behavior in the laboratory," Games and Economic Behavior, Elsevier, vol. 75(1), pages 17-34.
    10. Cox, James C. & Friedman, Daniel & Gjerstad, Steven, 2007. "A tractable model of reciprocity and fairness," Games and Economic Behavior, Elsevier, vol. 59(1), pages 17-45, April.
    11. Ernst Fehr & Simon Gächter, 2000. "Fairness and Retaliation: The Economics of Reciprocity," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 159-181, Summer.
    12. Cason, Timothy N. & Mui, Vai-Lam, 2002. "Fairness and sharing in innovation games: a laboratory investigation," Journal of Economic Behavior & Organization, Elsevier, vol. 48(3), pages 243-264, July.
    13. Fehr, Ernst & Falk, Armin, 2002. "Psychological foundations of incentives," European Economic Review, Elsevier, vol. 46(4-5), pages 687-724, May.
    14. Marie-Laure Cabon-Dhersin & Nathalie Etchart-Vincent, 2008. "Cooperation in a Game of Chicken with Heterogeneous Agents: An Experimental Study," CIRED Working Papers hal-00395939, HAL.
    15. Greiner, Ben & Vittoria Levati, M., 2005. "Indirect reciprocity in cyclical networks: An experimental study," Journal of Economic Psychology, Elsevier, vol. 26(5), pages 711-731, October.
    16. Sengupta, Arjun & Vanberg, Christoph, 2020. "Promises and Opportunity Cost," Working Papers 0692, University of Heidelberg, Department of Economics.
    17. Stahl, Dale O. & Haruvy, Ernan, 2008. "Level-n bounded rationality in two-player two-stage games," Journal of Economic Behavior & Organization, Elsevier, vol. 65(1), pages 41-61, January.
    18. Ernst Fehr & Simon Gaechter, "undated". "Do Incentive Contracts Crowd out Voluntary Cooperation?," IEW - Working Papers 034, Institute for Empirical Research in Economics - University of Zurich.
    19. Irlenbusch, Bernd & Sliwka, Dirk, 2003. "Transparency and Reciprocal Behavior," IZA Discussion Papers 887, Institute of Labor Economics (IZA).
    20. Engle-Warnick, Jim & Slonim, Robert L., 2004. "The evolution of strategies in a repeated trust game," Journal of Economic Behavior & Organization, Elsevier, vol. 55(4), pages 553-573, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:plo:pone00:0011663. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: plosone (email available below). General contact details of provider: https://journals.plos.org/plosone/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.