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Author Guzman, R.; Harrison, R.; Abarca, N.; Villena, M.G.
Title A game-theoretic model of reciprocity and trust that incorporates personality traits Type
Year 2020 Publication Journal Of Behavioral And Experimental Economics Abbreviated Journal J. Behav. Exp. Econ.
Volume 84 Issue Pages 11 pp
Keywords Reciprocity; Trust; Personality; Psychometrics; Revealed preferences
Abstract We propose a game-theoretic model of reciprocity and trust that incorporates personality traits. In the model, positive and negative reciprocity are “reciprocal preferences:” parameters of heterogeneous utility functions that take into account the material welfare of others (positively if they have been kind, negatively if they have been hostile). Trust, on the other hand, is an individual bias that distorts probabilistic beliefs about the trustworthiness of others. Unlike typical game-theoretic models, our model provides an explanation for the heterogeneity of preferences and probabilistic beliefs: a person's personality traits determine both the parameters of his utility function and the magnitude of his beleif bias. We tested the model experimentally. Subjects completed a psychometric questionnaire that measures three personality traits: positive reciprocity, negative reciprocity, and trust. Subsequently, they played a sequential prisoner's dilemma with random re-matching and payoffs changing from round to round. From the subjects' psychometric scores and game behaviors we inferred the relationship between reciprocal preferences, belief biases, and personality. The results confirmed the hypotheses of the model.
Address [Guzman, Ricardo] Univ Desarrollo, Fac Gobierno, Concepcion, Chile, Email: mg.villena@gmail.com
Corporate Author Thesis
Publisher Elsevier Science Inc Place of Publication Editor
Language English Summary Language Original Title (up)
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 2214-8043 ISBN Medium
Area Expedition Conference
Notes WOS:000517586800011 Approved
Call Number UAI @ eduardo.moreno @ Serial 1118
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