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Assessing Mental Models via Recording Decision Deliberations of Pairs

Siegfried K. Berninghaus (), Werner Güth (), Charlotte Klempt and Kerstin Pull
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Siegfried K. Berninghaus: Karlsruhe Institute of Technology
Werner Güth: Max Planck Institute for Research on Collective Goods

Homo Oeconomicus: Journal of Behavioral and Institutional Economics, 2017, vol. 34, issue 2, No 1, 97-115

Abstract: 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.

Keywords: Behavioral principles; Videotaped experiments; Outside option games (search for similar items in EconPapers)
JEL-codes: C72 C90 D03 G11 (search for similar items in EconPapers)
Date: 2017
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Working Paper: Assessing Mental Models via Recording the Decision Deliberations of Pairs (2013) Downloads
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DOI: 10.1007/s41412-017-0051-6

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Handle: RePEc:spr:homoec:v:34:y:2017:i:2:d:10.1007_s41412-017-0051-6