Hierarchical Bayesian analysis of biased beliefs and distributional other-regarding preferences

Artikel

This study investigates the relationship between an actor's beliefs about others' other-regarding (social) preferences and her own other-regarding preferences, using an 'avant-garde' hierarchical Bayesian method. We estimate two distributional other-regarding preference parameters, » and Ø, of actors using incentivized choice data in binary Dictator Games. Simultaneously, we estimate the distribution of actors' beliefs about others » and Ø, conditional on actors' own » and Ø, with incentivized belief elicitation. We demonstrate the benefits of the Bayesian method compared to it's hierarchical frequentist counterparts. Results show a positive association between an actor's own (»; Ø ) and her beliefs about average(»; Ø) in the population. The association between own preferences and the variance in beliefs about others' preferences in the population, however, is curvilinear for » and insignificant for Ø. These results are partially consistent with the cone effect [1,2] which is described in detail below. Because in the Bayesian-Nash equilibrium concept, beliefs and own preferences are assumed to be independent, these results cast doubt on the application of the Bayesian-Nash equilibrium concept to experimental data.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: Games ; ISSN: 2073-4336 ; Volume: 4 ; Year: 2013 ; Issue: 1 ; Pages: 66-88 ; Basel: MDPI

Klassifikation und Themen

• Klassifikation: Wirtschaft
• Thema: Bayesian statistics ; dictator game ; other-regarding preferences ; beliefs

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Aksoy, Ozan ; Weesie, Jeroen
• Ereignis: Veröffentlichung
• (wer): MDPI
• (wo): Basel
• (wann): 2013

Weitere Informationen

• DOI: doi:10.3390/g4010066
• Handle: http://hdl.handle.net/10419/98548
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ