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Small talk and theory of mind in strategic decision-making
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Bose, Neha and Sgroi, Daniel (2019) Small talk and theory of mind in strategic decision-making. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1191). (Unpublished)
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Official URL: https://warwick.ac.uk/fac/soc/economics/research/w...
Abstract
In a laboratory experiment, 338 participants were asked to communicate in pairs and then play two games with their partners: the 11-20 money request game (a tool for assessing level-k reasoning) and a public goods game. The communication occurred prior to any knowledge of what was to follow but played an important role in allowing them to develop theories or mental models of their partners (\theory of mind") which proved to be crucial explanatory factors for decision-making. We examine the players' beliefs about the personality and intelligence of their partner, how they play in the games and analysed the language used during communication. The results indicate that beliefs about partner's type is biased by own-type. In particular, extraverts, characterised by positive a ect, projected their positivity onto their partners. The level-k strategy chosen in the 11-20 game increased with the perceived similarity between players and in the public goods game, players cooperated more when they believed their partners to be extraverted. An analysis of the text used during communication explains how it was possible for participants to draw inferences about other's type: for instance, use of more words and more dominant words were associated with being an extravert.
Item Type: | Working or Discussion Paper (Working Paper) | ||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory |
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Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Public goods, Philosophy of mind, Decision making, Game theory | ||||||
Series Name: | Warwick economics research papers series (WERPS) | ||||||
Publisher: | University of Warwick. Department of Economics | ||||||
Place of Publication: | Coventry | ||||||
ISSN: | 0083-7350 | ||||||
Official Date: | August 2019 | ||||||
Dates: |
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Number: | 1191 | ||||||
Institution: | University of Warwick | ||||||
Status: | Not Peer Reviewed | ||||||
Publication Status: | Unpublished | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Date of first compliant deposit: | 12 March 2018 | ||||||
Date of first compliant Open Access: | 12 March 2018 | ||||||
RIOXX Funder/Project Grant: |
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Version or Related Resource: | This paper also appears as CAGE Working paper 409 |
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