The strategy versus the direct-response method: a first survey of experimental comparisons

In this paper, we present a first survey of the literature regarding whether the strategy method, in which a responder makes conditional decisions for each possible information set, leads to different experimental results than does the more standard direct-response method, in which the responder lea...

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Veröffentlicht in:Experimental economics : a journal of the Economic Science Association Jg. 14; H. 3; S. 375 - 398
Hauptverfasser: Brandts, Jordi, Charness, Gary
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Boston Springer US 01.09.2011
Springer Science + Business Media B.V
Springer
Springer Nature B.V
Schriftenreihe:Experimental Economics
Schlagworte:
B49
Behavioral/Experimental Economics
C79
C90
C91
C92
Comparative analysis
Decision analysis
Decision making
Determinants
Economic theory
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Elicitation
Experimental methods
Experiments
Framing
Game Theory
Games
Learning
Methods
Microeconomics
Operations Research/Decision Theory
Polls & surveys
Punishment
Responses
Social and Behav. Sciences
Strategic behaviour
Strategies
Strategy method
Studies
Surveys
Strategy method
C79
B49
Elicitation
C91
C90
Framing
Experiments
C92
ISSN:1386-4157, 1573-6938
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Beschreibung
Zusammenfassung:In this paper, we present a first survey of the literature regarding whether the strategy method, in which a responder makes conditional decisions for each possible information set, leads to different experimental results than does the more standard direct-response method, in which the responder learns the action of the first mover and then chooses a response. Of the twenty-nine existing comparisons, sixteen find no difference, while four do find differences, and nine comparisons find mixed evidence. We also find some indications about the underlying determinants of when the two methods lead to different responses. For example, it appears that levels of punishment are substantially lower with the strategy method. In addition, it also appears that difference across these elicitation methods are more likely when people make fewer contingent choices. Finally, in no case do we find that a treatment effect found with the strategy method is not observed with the direct-response method.
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ISSN:1386-4157
1573-6938
DOI:10.1007/s10683-011-9272-x