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Is response time predictive of choice?: an experimental study of threshold strategies

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Schotter, Andrew; Trevino, Isabel

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Corporate Editor Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract This paper investigates the usefulness of non-choice data, namely response times, as a predictor of threshold behavior in a simple global game experiment. Our results indicate that the signal associated to the highest or second highest response time at the beginning of the experiment are both unbiased estimates of the threshold employed by subjects at the end of the experiment. This predictive ability is lost when we move to the third or higher response times. Moreover, the response time predictions are better predictors of observed behavior than the equilibrium predictions of the game. They are also robust, in the sense that they characterize behavior in an out-of-treatment exercise where we use the strategy method to elicit thresholds. This paper is the first to point out the predictive power of response times in a strategic situation. (author's abstract)
Keywords experiment; reaction; time; behavior; playing
Classification Social Psychology; Sociology of Economics
Document language English
Publication Year 2014
City Berlin
Page/Pages 25 p.
Series Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Abteilung Ökonomik des Wandels, SP II 2014-305
Status Published Version; reviewed
Licence Deposit Licence - No Redistribution, No Modifications