While the neuroeconomics of individual decision making has been extensively studied, the neuroeconomics of strategic interaction remains relatively unexplored. I will begin by introducing three classic strategic situations, the Beauty Contest, Stag Hunt, and Entry games to show key principles of game-theoretic properties and a general structure of simple strategic interaction situations. These features are then contrasted to the actual behavior and a descriptive model of higher-order reasoning. We then include biological data, obtained through fMRI and eye-tracking, combined with behavioral observations in the same games and similarly framed plays against the computer (nature). We discuss similarities and differences across individuals playing against nature vs. against humans in the three mentioned games, using behavioral data for classifying types (e.g., risk types, higher-order reasoning types) to structure biological brain data.
Speaker:
Rosemarie Nagel, ICREA Research Professor, Pompeu Fabra University
This event is part of the Cognition and Decision Seminar Series, sponsored by the Program for Economic Research and the Center for Decision Sciences at Columbia University.
