“Betting on nature” or “betting on others”: anti-coordination induces uniquely high levels of entropy

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• dc.contributor.author Chierchia, Gabriele
• dc.contributor.author Nagel, Rosemarie
• dc.contributor.author Coricelli, Giorgio
• dc.date.accessioned 2020-05-28T08:42:57Z
• dc.date.available 2020-05-28T08:42:57Z
• dc.date.issued 2018
• dc.description.abstract Uncertainty in the form of risk or ambiguity can arise from the interaction with nature and other players, while strategic uncertainty arises only in interactions with others. Here, we systematically compare binary decisions between a safe option and a potentially higher paying but uncertain option in four experimental conditions with the same potential monetary outcomes: coordination vs. anti coordination games, as well as risky and ambiguous lotteries. In each condition, we progressively increase the value of the safe option and measure subjects’ certainty equivalents (i.e., the specific safe payoff-threshold that makes a subject indifferent between the two options). We find that anti-coordination games and ambiguous lotteries elicit equally high aversion to uncertainty, relative to the other domains. In spite of this similarity, we find that subjects alternate between the safe and uncertain options much more frequently, thus displaying higher entropy, under anti-coordination relative to any of the other environments. These differences are predicted by theories of recursive reasoning in strategic games (e.g., thinking what others think we think etc.). Indeed, this can occur when interacting with intentional counterparts, but not with nature.en
• dc.description.sponsorship This study was funded by the European Research Council, grant number 617629.
• dc.format.mimetype application/pdf
• dc.identifier.citation Chierchia G, Nagel R, Coricelli G. “Betting on nature” or “betting on others”: anti-coordination induces uniquely high levels of entropy. Sci Rep. 2018 Feb 23;8:3514. DOI: 10.1038/s41598-018-21962-1
• dc.identifier.doi http://dx.doi.org/10.1038/s41598-018-21962-1
• dc.identifier.issn 2045-2322
• dc.identifier.uri http://hdl.handle.net/10230/44847
• dc.language.iso eng
• dc.publisher Nature Research
• dc.relation.ispartof Scientific Reports. 2018 Feb 23;8:3514
• dc.relation.projectID info:eu-repo/grantAgreement/EC/FP7/617629
• dc.rights This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by/4.0/
• dc.subject.keyword Human behaviouren
• dc.subject.keyword Social behaviouren
• dc.title “Betting on nature” or “betting on others”: anti-coordination induces uniquely high levels of entropyen
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion