Understanding decision processes in guessing games: a protocol analysis approach

Protocol analysis, in the form of concurrent verbal ‘thinking aloud’ reports, is a method of collecting and analyzing data about cognitive processes. This approach can help economists in evaluating competing theories of behavior and in categorizing heterogeneity of thinking patterns. As a proof of c...

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Bibliographic Details
Published in:Journal of the Economic Science Association 2019-08, Vol.5 (1), p.123-135
Main Author: Capra, C. Mónica
Format: Article
Language:English
Subjects:
Behavioral/Experimental Economics
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Game Theory
Microeconomics
Operations Research/Decision Theory
Original Paper
Protocol
Social and Behav. Sciences
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Summary:Protocol analysis, in the form of concurrent verbal ‘thinking aloud’ reports, is a method of collecting and analyzing data about cognitive processes. This approach can help economists in evaluating competing theories of behavior and in categorizing heterogeneity of thinking patterns. As a proof of concept, I tested this method in the context of a guessing game. I found that concurrent think aloud protocols can inform us about individual’s thought processes without affecting decisions. The method allowed me to identify game theoretic thinking and heterogeneous approaches to unravelling the guessing game. The think aloud protocol is inexpensive and scalable, and it is a useful tool for identifying empirical regularities regarding decision processes.
ISSN:2199-6776
2199-6784
DOI:10.1007/s40881-019-00074-0