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Assessing Mental Models via Recording Decision Deliberations of Pairs

Author

Listed:
  • Siegfried K. Berninghaus

    (Karlsruhe Institute of Technology)

  • Werner Güth

    (Max Planck Institute for Research on Collective Goods
    LUISS University Guido Carli)

  • Charlotte Klempt

    (Institute for Applied Economic Research)

  • Kerstin Pull

    (Eberhard Karls Universität)

Abstract

In our paper, we aim at assessing the most crucial cognitive step in forward looking decision deliberation, the mental representation of a decision task. Rather than discussing it abstractly, we study mental representation experimentally with pairs of participants deciding together and the discussion preceding their choice being video-/audiotaped. We experimentally implement two tasks: one without social and strategic interaction (the risky choice task) and one with strategic interaction (the outside option game). The videotaped discussions are analyzed assessing which mental models are mentioned by one or both participants in a pair and how decisive such arguments are for the final decision. Pairs of participants are categorized by their mental constellation and their choices in both tasks. This hopefully allows for better explanations, especially of heterogeneity in reasoning styles and choice behavior with and without strategic interaction.

Suggested Citation

  • Siegfried K. Berninghaus & Werner Güth & Charlotte Klempt & Kerstin Pull, 2017. "Assessing Mental Models via Recording Decision Deliberations of Pairs," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 34(2), pages 97-115, November.
    • Handle: RePEc:spr:homoec:v:34:y:2017:i:2:d:10.1007_s41412-017-0051-6
    DOI: 10.1007/s41412-017-0051-6
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    More about this item

    Keywords

    Behavioral principles; Videotaped experiments; Outside option games;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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