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Understanding decision processes in guessing games: a protocol analysis approach

C. Monica Capra

Journal of the Economic Science Association, 2019, vol. 5, issue 1, No 11, 123-135

Abstract: Abstract Protocol analysis, in the form of concurrent verbal ‘thinking aloud’ reports, is a method of collecting and analyzing data about cognitive processes. This approach can help economists in evaluating competing theories of behavior and in categorizing heterogeneity of thinking patterns. As a proof of concept, I tested this method in the context of a guessing game. I found that concurrent think aloud protocols can inform us about individual’s thought processes without affecting decisions. The method allowed me to identify game theoretic thinking and heterogeneous approaches to unravelling the guessing game. The think aloud protocol is inexpensive and scalable, and it is a useful tool for identifying empirical regularities regarding decision processes.

Keywords: Protocol analysis; Process data; Guessing games (search for similar items in EconPapers)
JEL-codes: D91 C81 C91 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/s40881-019-00074-0

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