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Int. J. Financial Stud. 2016, 4(4), 22; doi:10.3390/ijfs4040022

Strategic Decision-Making and Social Skills: Integrating Behavioral Economics and Social Cognition Research

1
Institute of Psychology, University of Bamberg, Bamberg 96047, Germany
2
Independent Max Planck Research Group for Social Neuroscience, Max Planck Institute of Psychiatry, Munich 80804, Germany
3
Institute of Psychology, University of Hildesheim, Hildesheim 31141, Germany
*
Author to whom correspondence should be addressed.
Academic Editor: Nicholas Apergis
Received: 6 July 2016 / Revised: 11 October 2016 / Accepted: 25 October 2016 / Published: 4 November 2016
(This article belongs to the Special Issue Behavioral Economics and Strategy)
View Full-Text   |   Download PDF [954 KB, uploaded 4 November 2016]   |  

Abstract

Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. Thus, strategic decisions are influenced by the social context and by beliefs about other actors’ levels of sophistication. The present study investigated whether strategic decision-making, as measured by the beauty contest game, is associated with social skills, as measured by the Autism Quotient (AQ). In line with our hypothesis, we found that social skills were positively related to successful strategic decision-making. Furthermore, results showed a curvilinear relationship between steps of reasoning in the beauty contest game and social skills, indicating that very high as well as very low scoring individuals on the social skills subscale of the AQ engaged in high-levels of strategic thinking. View Full-Text
Keywords: strategic decision-making; beauty contest game; social skills; behavioral economics strategic decision-making; beauty contest game; social skills; behavioral economics
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Leder, J.; Schilbach, L.; Mojzisch, A. Strategic Decision-Making and Social Skills: Integrating Behavioral Economics and Social Cognition Research. Int. J. Financial Stud. 2016, 4, 22.

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