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Jonathan Chapman, Mark Dean, Pietro Ortoleva, Erik Snowberg and Colin Camerer

No 7202, CESifo Working Paper Series from CESifo

Abstract: We study the pattern of correlations across a large number of behavioral regularities, with the goal of creating an empirical basis for more comprehensive theories of decision-making. We elicit 21 behaviors using an incentivized survey on a representative sample (n = 1;000) of the U.S. population. Our data show a clear and relatively simple structure underlying the correlations between these measures. Using principal components analysis, we reduce the 21 variables to six components corresponding to clear clusters of high correlations. We examine the relationship between these components, cognitive ability, and demographics, and discuss the theoretical implications of the structure we uncover.

Keywords: econographics; reciprocity; altruism; trust; costly third-party punishment; inequality aversion; risk aversion; common-ratio effect; endowment effect; ambiguity aversion; compound lottery aversion; discounting; overconfidence; cognitive ability; demographics (search for similar items in EconPapers)
JEL-codes: C90 D64 D81 D90 D91 (search for similar items in EconPapers)
Date: 2018
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Working Paper: Econographics (2018) Downloads
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