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Cognitive control and individual differences in economic ultimatum decision-making.

Wim De Neys1, Nikolay Novitskiy, Leen Geeraerts

  • 1Centre National de la Recherche Scientifique, University of Toulouse, Toulouse, France. Wim.Deneys@univ-tlse2.fr

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Cognitive control capacity influences economic decisions. Higher cognitive control in the ultimatum game led to more rational choices, accepting unequal splits and maximizing payoffs, challenging notions of widespread irrationality.

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Area of Science:

  • Behavioral Economics
  • Cognitive Neuroscience
  • Decision Science

Background:

  • Standard economic models predict rational decision-making, but empirical evidence shows deviations, particularly in games like the ultimatum game where unequal offers are rejected.
  • Previous research often overlooks individual differences in cognitive abilities that might explain these deviations from economic rationality.

Purpose of the Study:

  • To investigate the role of individual differences in cognitive control capacity on economic decision-making in the ultimatum game.
  • To determine if higher cognitive control correlates with behavior aligned with standard economic predictions.

Main Methods:

  • Participants played the ultimatum game, and their economic decisions were recorded.
  • Individual differences in cognitive control were assessed using behavioral (Go/No-Go task performance) and neural (No-Go N2 amplitude) markers.
  • Cognitive control capacity was compared between participants who were most and least economically rational.

Main Results:

  • Individuals with higher cognitive control capacity demonstrated increased acceptance of unequal monetary splits in the ultimatum game.
  • Behavioral and neural markers of cognitive control positively correlated with adherence to standard economic predictions and payoff maximization.
  • The most economically rational responders exhibited superior cognitive control compared to less rational responders.

Conclusions:

  • Cognitive control capacity is a significant factor influencing economic decision-making, particularly in scenarios involving fairness and potential financial gain.
  • Findings suggest that deviations from standard economic models may not solely represent irrationality but can be linked to varying cognitive abilities.
  • The study challenges popular claims about the inherent irrationality of human economic behavior by highlighting the role of cognitive control.