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Related Experiment Videos

Bidding to Commit.

Pat Barclay1

  • 11 Department of Psychology, University of Guelph, Guelph, Ontario, Canada.

Evolutionary Psychology : an International Journal of Evolutionary Approaches to Psychology and Behavior
|February 4, 2017
PubMed
Summary

Committing to actions, or "tying your hands," can lead to better outcomes by securing a larger share of surpluses. People willingly use commitment strategies, demonstrating their long-term benefits in strategic interactions.

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Area of Science:

  • Behavioral Economics
  • Game Theory
  • Experimental Psychology

Background:

  • Theoretical models in economics and biology suggest commitment strategies can yield advantages.
  • Empirical evidence on the benefits and willingness to employ such strategies is limited.

Purpose of the Study:

  • To experimentally test the benefits of commitment strategies in strategic interactions.
  • To assess individuals' willingness to adopt commitment strategies and their perceived value.

Main Methods:

  • Participants engaged in two experimental games: Battle-of-the-Sexes (Experiment 1) and Hawk-Dove (Experiment 2).
  • Roles were assigned as either 'committed' (unable to change action) or 'uncommitted' (able to change action).
  • Bidding mechanisms were used to determine role selection.

Main Results:

  • Committed players were more successful in achieving their preferred outcomes compared to uncommitted players.
  • A majority of participants preferred the committed role over the uncommitted role during role selection.
  • Participants slightly undervalued the committed role in bidding, bidding less than its actual worth.

Conclusions:

  • Commitment strategies provide empirical support for yielding advantages in strategic decision-making.
  • Individuals demonstrate a willingness to utilize commitment devices to gain long-term benefits.
  • Commitment, even through seemingly irrational mechanisms like emotions, can be a beneficial strategic tool.
Keywords:
Battle-of-the-SexesHawk–DoveRed Kingbargainingcommitmentcooperationevolution of emotionsgame theory

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