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Understanding decision processes in guessing games: a protocol analysis approach

Published online by Cambridge University Press:  01 January 2025

C. Mónica Capra Open the ORCID record for C. Mónica Capra [Opens in a new window]
C. Mónica Capra*
Affiliation:
Claremont Graduate University, Claremont, USA
*
e-mail: monica.capra@cgu.edu
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Abstract

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.

Keywords

Protocol analysisProcess dataGuessing games

JEL classification

C91: Laboratory, Individual Behavior D91: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡ C81: Methodology for Collecting, Estimating, and Organizing Microeconomic Data • Data Access
Type
Original Paper
Information
Journal of the Economic Science Association , Volume 5 , Issue 1: Special Issue: Choice-Process Data in Experimental Economics , August 2019 , pp. 123 - 135
Copyright
Copyright © Economic Science Association 2019

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Footnotes

Electronic supplementary material The online version of this article (https://doi.org/10.1007/s40881-019-00074-0) contains supplementary material, which is available to authorized users.

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