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In this paper, we propose a simple task for eliciting attitudes toward risky choice, the Sabater-Grande and Georgantzís (SGG) lottery-panel task, which consists in a series of lotteries constructed to compensate riskier options with higher risk-return trade-offs. Using Principal Component Analysis technique, we show that the SGG lotterypanel task is capable of capturing two dimensions of individual risky decision making: subjects' average willingness to choose risky projects and their sensitivity towards variations in the return to risk. We report results from a large dataset obtained from the implementation of the SGG lottery-panel task and discuss regularities and the desirability of its bi-dimensionality both for describing behaviour under uncertainty and explaining behaviour in other contexts.
resumeNEn este trabajo proponemos una tarea sencilla que permite obtener la actitud frente a la toma de riesgo monetario, y que llamaremos tarea Sabater-Grande y Georgantzís (SGG) de riesgo. Esta tarea consiste en una serie de loterías construidas para compensar las opciones de mayor riesgo con un mayor retorno. Utilizando la técnica de componentes principales, encontramos que la tarea SGG es capaz de capturar dos dimensiones de la toma de decisiones individuales: por un lado, la voluntad promedio de los sujetos de elegir proyectos arriesgados y, por otro, su sensibilidad hacia las variaciones en el retorno por riesgo. Presentamos los resultados de una gran muestra de datos obtenidos a partir de la implementación de la tarea SGG, y discutimos las regularidades y la conveniencia de su bidimensionalidad tanto para describir el comportamiento en condiciones de incertidumbre como para explicar el comportamiento humano en otros contextos.
PAlAbrAs clAveAversión al riesgo; Loterías; Tests psicométricos; Toma de decisiones.revistA iNterNAcioNAl de socioloGíA (ris)
Cooperative behavior is often assumed to depend on individuals' characteristics, such as altruism and reasoning ability. Evidence is mixed about what the precise impact of these characteristics is, as the subjects of study are generally randomly paired, generating a heterogeneous mix of the two characteristics. In this study we ex-ante create four different groups of subjects by factoring their higher or lower than the median scores in both altruism and reasoning ability. Then we use these groups in order to analyze the joint effect of the two characteristics on the individual choice of cooperating and on successful paired cooperation. Subjects belonging to each group play first 10 one-shot prisoner's dilemma (PD) games with ten random partners and then three consecutive 10-round repeated PD games with three random partners. In all games, we elicit players' beliefs regarding cooperation using an incentive compatible method. Individuals with high altruism are more optimistic about the cooperative behavior of the other player in the one-shot game. They also show higher individual cooperation and paired cooperation rates in the first repetitions of this game. Contrary to the one-shot PD games where high reasoning ability reduces the probability of playing cooperatively, the sign of the relationship is inverted in the first repeated PD game, showing that high reasoning ability individuals better adjust their behavior to the characteristics of the game they are playing. In this sense, the joint effect of reasoning ability and altruism is not linear, with reasoning ability counteracting the cooperative effect of altruism in the one-shot game and reinforcing it in the first repeated game. However, experience playing the repeated PD games takes over the two individual characteristics in explaining individual and paired cooperation. Thus, in a (PD) setting, altruism and reasoning ability significantly affect behavior in single encounters, while in repeated interactions individual and paired cooperation reach similarly high levels independently of these individual characteristics.
We report experimental results on ultimatum salary bargaining with a real task performed by employee subjects. Compared to the baseline treatment with a hypothetical task, the introduction of a real task raises offers, accepted wages and rejection rates.
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