Arbeitspapier
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
In many economic contexts, an elusive variable of interest is the agent's expectation about relevant events, e.g. about other agents' behavior. Recent experimental studies as well as surveys have asked participants to state their beliefs explicitly, but little is known about the causal relation between beliefs and other behavioral variables. This paper discusses the possibility of creating exogenous instrumental variables for belief statements, by shifting the probabilities of the relevant events. We conduct trust game experiments where the amount sent back by the second player (trustee) is exogenously varied by a random process, in a way that informs only the first player (trustor) about the realized variation. The procedure allows detecting causal links from beliefs to actions under plausible assumptions. The IV estimates indicate a significant causal effect, comparable to the connection between beliefs and actions that is suggested by OLS analyses.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 969
- Klassifikation
-
Wirtschaft
Noncooperative Games
Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
Design of Experiments: Laboratory, Individual
Expectations; Speculations
- Thema
-
Social capital
trust game
instrumental variables
belief elicitation
Erwartungstheorie
Informationsverhalten
Social Capital
Vertrauen
Spieltheorie
Test
Instrumentalvariablen-Schätzmethode
Kausalanalyse
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Costa-Gomes, Miguel A.
Huck, Steffen
Weizsäcker, Georg
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Costa-Gomes, Miguel A.
- Huck, Steffen
- Weizsäcker, Georg
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2010
Ähnliche Objekte (12)
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
What Behavioural Economics must learn from the coronavirus crisis
Von Seerosen, dem Coronavirus und guten Entscheidungen
Matching donations without crowding out? Some theoretical considerations and a field experiment
Auch die Verhaltensökonomie muss aus der Corona-Krise lernen
More effort with less pay: On information avoidance, optimistic beliefs, and performance
Beliefs and actions in the trust game : Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
Auch die Verhaltensökonomie muss aus der Corona-Krise lernen
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
What Behavioural Economics must learn from the coronavirus crisis
Von Seerosen, dem Coronavirus und guten Entscheidungen
Matching donations without crowding out? Some theoretical considerations and a field experiment
Auch die Verhaltensökonomie muss aus der Corona-Krise lernen
More effort with less pay: On information avoidance, optimistic beliefs, and performance
Beliefs and actions in the trust game : Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
Auch die Verhaltensökonomie muss aus der Corona-Krise lernen
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect
What Behavioural Economics must learn from the coronavirus crisis
Von Seerosen, dem Coronavirus und guten Entscheidungen
Matching donations without crowding out? Some theoretical considerations and a field experiment
Auch die Verhaltensökonomie muss aus der Corona-Krise lernen
More effort with less pay: On information avoidance, optimistic beliefs, and performance
Beliefs and actions in the trust game : Creating instrumental variables to estimate the causal effect
Beliefs and actions in the trust game: creating instrumental variables to estimate the causal effect