Depth of reasoning in the 11–20 game differs between financial professionals and students. A lab-in-the-field experiment

• Published in: Economics letters 2024-06, Vol.239, p.111754, Article 111754
• Main Authors: Açıkgöz, Bernur, Dubois, Dimitri, Nguyen-Huu, Adrien, Duchêne, Sébastien, Willinger, Marc
• Format: Article
• Language: English
• Subjects: Economics and Finance; Humanities and Social Sciences
• ISSN: 0165-1765; 1873-7374
• DOI: 10.1016/j.econlet.2024.111754

•Financial professionals (FP) choose lower numbers than students (ST).•FP and ST subjects have similar CRT scores.•ST subjects with higher CRT-scores choose larger numbers.•FP exhibit higher response-times than ST.•ST chosen numbers are solely related to their risk aversion, while FPs depend on their SVO. We rely on Alaoui and Penta (2020)’s variant of the 11–20 game (Arad and Rubinstein, 2012), to elicit the depth of reasoning of financial professionals (FP) and students (ST). FP chose lower numbers in the 11–20 game than ST, but had similar CRT scores. We observe that ST with higher CRT scores tend to choose larger numbers. FPs’ chosen numbers are positively affected by their SVO while ST's chosen numbers are positively affected by their risk-aversion.