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Feature-Based Choice and Similarity Perception in Normal-Form Games: An Experimental Study
Solvay Brussels School of Economics and Management, European Center for Advanced Research in Economics and Statistics, Université Libre de Bruxelles, Avenue Roosevelt 50 CP 114, Bruxelles 1050, Belgium
Luiss Guido Carli, Department of Business and Management, Viale Pola 12, Roma 00198, Italy
* Author to whom correspondence should be addressed.
Received: 16 September 2013; in revised form: 5 December 2013 / Accepted: 12 December 2013 / Published: 18 December 2013
Abstract: In this paper, we claim that agents confronting with new interactive situations apply behavioral heuristics that drastically reduce the problem complexity either by neglecting the other players’ incentives, or by restricting attention to subsets of “salient” outcomes. We postulate that these heuristics are sensitive to the manipulation of those features that can be modified without altering the (Nash) equilibrium structure of the game. We call these features “descriptive”. We test experimentally the effect of these descriptive features on both choice behavior and cross-game similarity perception. Analysis of individual choices confirms our hypotheses, and suggests that non-equilibrium choices may derive from simplified mental models of the game structure, rather than from heterogeneous beliefs or limited iterative thinking. In addition, subjects tend to behave similarly in games sharing similar descriptive features, regardless of their strategic structure.
Keywords: cross-game similarity; categorization; focal point; behavioral heuristic; individual behavior; one-shot game; response time
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Cite This Article
MDPI and ACS Style
Di Guida, S.; Devetag, G. Feature-Based Choice and Similarity Perception in Normal-Form Games: An Experimental Study. Games 2013, 4, 776-794.
Di Guida S, Devetag G. Feature-Based Choice and Similarity Perception in Normal-Form Games: An Experimental Study. Games. 2013; 4(4):776-794.
Di Guida, Sibilla; Devetag, Giovanna. 2013. "Feature-Based Choice and Similarity Perception in Normal-Form Games: An Experimental Study." Games 4, no. 4: 776-794.