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dc.contributor.authorCosta-Gomes, Miguel
dc.contributor.authorHuck, Steffan
dc.contributor.authorWeizsaecker, Georg
dc.identifier.citationCosta-Gomes , M , Huck , S & Weizsaecker , G 2014 , ' Beliefs and actions in the trust game : creating instrumental variables to estimate the causal effect ' , Games and Economic Behavior , vol. 88 , pp. 298-309 .
dc.identifier.otherPURE: 156708908
dc.identifier.otherPURE UUID: ca5ba7ae-d24e-498f-892e-8fc2e06b2392
dc.identifier.otherScopus: 84909647506
dc.identifier.otherWOS: 000347021500021
dc.descriptionWe are grateful for financial support from the U.K. Economic and Social Research Council (ESRC-RES-1973), the European Research Council (ERC-263412) and the ELSE centre at UCL.en
dc.description.abstractIn many economic contexts, an elusive variable of interest is the agent's belief about relevant events, e.g. about other agents' behavior. A growing number of surveys and experiments ask participants to state beliefs explicitly but little is known about the causal relation between beliefs and actions. This paper discusses the possibility of creating exogenous instrumental variables for belief statements, by informing the agent about exogenous manipulations of the relevant events. We conduct trust game experiments where the amount sent back by the second player (trustee) is exogenously varied. The procedure allows detecting causal links from beliefs to actions under plausible assumptions. The IV-estimated effect is significant, confirming the causal role of beliefs.
dc.relation.ispartofGames and Economic Behavioren
dc.rightsCopyright (c)2014 the authors. This is an open access article available to copy, distribute, or display under a Creative Commons licence as described at
dc.subjectSocial capitalen
dc.subjectTrust gameen
dc.subjectInstrumental variablesen
dc.subjectBelief elicitationen
dc.subjectHB Economic Theoryen
dc.titleBeliefs and actions in the trust game : creating instrumental variables to estimate the causal effecten
dc.typeJournal articleen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews.School of Economics and Financeen
dc.description.statusPeer revieweden

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