Cognitive load and strategic sophistication

Allred, Sarah; Duffy, Sean; Smith, John

doi:10.1016/j.jebo.2016.02.006

Cited by 37 publications

(19 citation statements)

References 84 publications

(4 reference statements)

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“…In the other, subjects were shown pictures of food which would be received in one week. 2 The results of the second experiment reverse the results from the hypothetical task in Experiment 1: people under higher cognitive load acted more impatiently for real money. However we found no evidence that cognitive load affected choices in any of the food treatments.…”

Section: Introductionmentioning

confidence: 67%

“…The authors find that accuracy in estimation times depends on whether or not the person knows if she will have to make a judgment before completing the task. Allred et al (2015a) find that people under higher load tend to evaluate the length of a line as closer to mean of a comparison group, exacerbating central tendency bias.…”

Section: Cognitive Load Literature Surveymentioning

confidence: 85%

“…In Experiment 2 we attempt to minimize the uncertainty of future payoffs by requiring that everybody return in one week to collect the bulk of their show-up fee. 2 The first experiment consisted of 1-digit and 8-digit treatment groups. The second experiment consisted of three within subject treatments: no memorization, 2-digit memorization and 8-digit memorization.…”

Section: Cognitive Load Literature Surveymentioning

confidence: 99%

“…In complex games such as a repeated PD setting, Duffy and Smith (2014) find that cognitive load lowers strategic sophistication as measured by endgame play. Allred et al (2015a) argue that cognitive load acts in strategic games by simultaneously decreasing computational accuracy and the accuracy of beliefs in others' actions.…”

Section: Cognitive Load Literature Surveymentioning

confidence: 99%

“…Our Experiment 1 reports on a computerized experiment that tests the causal effect that increased cognitive load has on (1) an incentivized arithmetic question, (2) an incentivized binary choice between a safe option and a risky gamble, (3) a hypothetical binary choice between two monetary sums paid at different times, and (4) an incentivized counting task with an uninformative anchor. In our first experiment, participants are given either a 1-digit or an 8-digit number to memorize and are incentivized to keep that number in their memory while completing a randomly determined task.…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

The effect of cognitive load on economic decision making: A survey and new experiments

Deck

Jahedi

2015

European Economic Review

219

144

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Psychologists and economists have examined the effect of cognitive load in a variety of situations from risk taking to snack choice. We review previous experiments that have directly manipulated cognitive load and summarize their findings. We report the results of two new experiments where participants engage in a digit-memorization task while simultaneously performing a variety of economic tasks including: (1) choices involving risk, (2) choices involving intertemporal substitution, (3) choices with anchoring effects, (4) choices over healthy and unhealthy snacks, and (5) math problems. We find that higher cognitive load reduces numeracy as measured by performance in math problems. Moreover, within-subject analysis indicates that cognitive load leads to more risk-averse behavior, more impatience over money, and (nominally) more likelihood to anchor. We do not find any evidence that cognitive load increases impatience over consumption goods or unhealthy snack choices. Exploiting the panel nature of our data set, we find that those individuals who are most sensitive to cognitive load, as measured by a large drop in their own math performance across 1-and 8-digit memorization treatments, are driving much of the effect. * The authors wish to thank

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Section: Introductionmentioning

confidence: 67%

Section: Cognitive Load Literature Surveymentioning

confidence: 85%

Section: Cognitive Load Literature Surveymentioning

confidence: 99%

Section: Cognitive Load Literature Surveymentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

The effect of cognitive load on economic decision making: A survey and new experiments

Deck

Jahedi

2015

European Economic Review

219

144

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Functional magnetic resonance imaging multivoxel pattern analysis reveals neuronal substrates for collaboration and competition with myopic and predictive strategic reasoning

Kim

Jung

Zhang

et al. 2020

Human Brain Mapping

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Competition and collaboration are strategies that can be used to optimize the outcomes of social interactions. Research into the neuronal substrates underlying these aspects of social behavior has been limited due to the difficulty in distinguishing complex activation via univariate analysis. Therefore, we employed multivoxel pattern analysis of functional magnetic resonance imaging to reveal the neuronal activations underlying competitive and collaborative processes when the collaborator/opponent used myopic/predictive reasoning. Twenty‐four healthy subjects participated in 2 × 2 matrix‐based sequential‐move games. Searchlight‐based multivoxel patterns were used as input for a support vector machine using nested cross‐validation to distinguish game conditions, and identified voxels were validated via the regression of the behavioral data with bootstrapping. The left anterior insula (accuracy = 78.5%) was associated with competition, and middle frontal gyrus (75.1%) was associated with predictive reasoning. The inferior/superior parietal lobules (84.8%) and middle frontal gyrus (84.7%) were associated with competition, particularly in trials with a predictive opponent. The visual/motor areas were related to response time as a proxy for visual attention and task difficulty. Our results suggest that multivoxel patterns better represent the neuronal substrates underlying the social cognition of collaboration and competition intermixed with myopic and predictive reasoning than do univariate features.

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Cognitive sophistication and deliberation times

Alós–Ferrer

Buckenmaier

2020

Exp Econ

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Differences in cognitive sophistication and effort are at the root of behavioral heterogeneity in economics. To explain this heterogeneity, behavioral models assume that certain choices indicate higher cognitive effort. A fundamental problem with this approach is that observing a choice does not reveal how the choice is made, and hence choice data is insufficient to establish the link between cognitive effort and behavior. We show that deliberation times provide an individually-measurable correlate of cognitive effort. We test a model of heterogeneous cognitive depth, incorporating stylized facts from the psychophysical literature, which makes predictions on the relation between choices, cognitive effort, incentives, and deliberation times. We confirm the predicted relations experimentally in different kinds of games.

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Cognitive load and strategic sophistication

Cited by 37 publications

References 84 publications

The effect of cognitive load on economic decision making: A survey and new experiments

The effect of cognitive load on economic decision making: A survey and new experiments

Functional magnetic resonance imaging multivoxel pattern analysis reveals neuronal substrates for collaboration and competition with myopic and predictive strategic reasoning

Cognitive sophistication and deliberation times

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