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Virtual bargaining : a theory of social decision-making
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Misyak, Jennifer B. and Chater, Nick (2014) Virtual bargaining : a theory of social decision-making. Philosophical Transactions of the Royal Society: B. Biological Sciences, Volume 369 (Number 1655). doi:10.1098/rstb.2013.0487
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Official URL: http://dx.doi.org/10.1098/rstb.2013.0487
Abstract
An essential element of goal-directed decision-making in social contexts is that agents’ actions may be mutually interdependent. However, the most well-developed approaches to such strategic interactions, based on the Nash equilibrium concept in game theory, are sometimes too broad and at other times ‘overlook’good solutions to fundamental social dilemmas and coordination problems. The authors propose a new theory of social decision-making—virtual bargaining—in which individuals decide among a set of moves on the basis of what they would agree to do if they could openly bargain. The core principles of a formal account are outlined (vis-à-vis the notions of ‘feasible agreement’and explicit negotiation) and further illustrated with the introduction of a new game, dubbed the ‘Boobytrap game’(a modification on the canonical Prisoner’s Dilemma paradigm). In the first empirical data of how individuals play the Boobytrap game, participants’ experimental choices accord well with a virtual bargaining perspective, but do not match predictions from a standard Nash account. Alternative frameworks are discussed, with specific empirical tests between these and virtual bargaining identified as future research directions. Lastly, it is proposed that virtual bargaining underpins a vast range of human activities, from social decision-making to joint action and communication.
| Item Type: | Journal Article | ||||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HM Sociology |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Decision making, Strategic planning, Game theory, Social interaction, Prisoner's dilemma game | ||||||
| Journal or Publication Title: | Philosophical Transactions of the Royal Society: B. Biological Sciences | ||||||
| Publisher: | The Royal Society Publishing | ||||||
| ISSN: | 0962-8436 | ||||||
| Official Date: | 29 September 2014 | ||||||
| Dates: |
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| Volume: | Volume 369 | ||||||
| Number: | Number 1655 | ||||||
| DOI: | 10.1098/rstb.2013.0487 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Open Access | ||||||
| Funder: | European Research Council (ERC), Economic and Social Research Council (Great Britain) (ESRC), Leverhulme Trust (LT), Research Councils UK (RCUK), Templeton Foundation | ||||||
| Grant number: | 295917 (ERC), K039830/1 (RCUK) |
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