Pilot Validation of a Virtual Laboratory for the Study of Economic Decision-making Processes

Authors

  • Mario Alejandro Suárez Cano Konrad Lorenz Fundación Universitaria. Bogotá D.C., Colombia.
  • Marithza Sandoval Escobar Konrad Lorenz Fundación Universitaria. Bogotá D.C., Colombia.

Keywords:

Virtual laboratory, economic psychology, behavioral economics, decision-making processes, experimental economics, cognitive psychology

Abstract

the  present  article  shows  three  studies  with  the  aim  of determining the degree of utility that a virtual laboratory prototype  designed  to  study  decision-making  processes in  economic  psychology  has. In  this  line  of  thought,  the pilot  laboratory  validation  was  performed  in  terms  of  its ability  to  allow  the  study  of  economic  decision-making processes.  For  this  purpose,  participants  were  subjected to  a  set  of  economic  situations  raised  by  Kahneman  and tversky  (2002):  the  prisoner's  dilemma  and  the ultimatum  game. the  results  of  this  study  are  similar  to  those derived  from  previous  nonvirtual  studies. the  effect  of the feedback on the participants’ economic decisions was also observed. The results show an insignificant effect of the feedback on the economic decision. Since some studies  have  found  similar  results,  we  can  conclude  that  the virtual  laboratory  allows  studying  economic  decisions  in the context of various experimental manipulations. additionally,  a  correlation  analysis  was  conducted  to  identify relationships between variables that were manipulated in the virtual laboratory with the demographic aspects of the participants. This study does not demonstrate overall findings, but some specific correlations.

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Published

2012-11-30

How to Cite

Suárez Cano, M. A., & Sandoval Escobar, M. (2012). Pilot Validation of a Virtual Laboratory for the Study of Economic Decision-making Processes. CULTURA EDUCACIÓN Y SOCIEDAD, 3(1). Retrieved from https://ojstest.certika.co/culturaeducacionysociedad/article/view/959

Issue

Vol. 3 No. 1 (2012): Cultura Educacion y Sociedad

Section

ARTICLES

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