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Individual and Group Behaviours in the Traveller's Dilemma: An Experimental Study

Andrea Morone and Piergiuseppe Morone ()

No 2012/09, Working Papers from Economics Department, Universitat Jaume I, Castellón (Spain)

Abstract: This paper provides an experimental test of the traveller's dilemma using individual and group data. Our investigation aims to address three fundamental research questions, which can be summarised as follows: (i) claims are affected by the size of the penalty/reward; (ii) individual decisions differ significantly from group decisions; (iii) individual claims are affected by the induction of a focal point a là Schelling. Experimental findings reported in this paper provide answers to each of these questions showing that: (i) although the size of the penalty/reward did not affect subject choices in the first-period, it played a key role in determining subjects' behaviour in the repeated game; (ii) overall, groups behave more rationally, in the sense that they were always closer to the Nash equilibrium; iii) the reference point did not encourage coordination around the Pareto optimal choice.

Keywords: traveller's dilemma; focal point; individual and group decision. (search for similar items in EconPapers)
JEL-codes: C91 C92 D70 D81 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2012
New Economics Papers: this item is included in nep-cbe and nep-exp
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Individual and group behaviour in the traveler's dilemma: An experimental study (2014) Downloads
Working Paper: Individual and group behaviours in the traveller’s dilemma: an experimental study (2012) Downloads
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