title: Stress and strategic decision-making in the beauty contest game.
abstract: Often, economic decisions do not only depend on one's own preferences, but also on the choices of others and therefore require strategizing (i.e., thinking about what others might think). In experimental economics, this has been modeled by the beauty contest game. Another typical feature of economic decisions is that they are often carried out under stress. Therefore, in the present study, we aimed to examine the influence of stress on decision-making in the beauty contest game. Participants were randomly assigned to either the Trier Social Stress Test for Groups (TSST-G) or a placebo version of the TSST-G (control condition). Then, participants played four rounds of a standard beauty contest game. As a biomarker of stress, salivary cortisol was measured. As predicted, participants under stress chose higher numbers in the beauty contest game than non-stressed participants, indicating less strategizing. This effect was mediated by the stress-induced increase in cortisol.
authors: Center for Empirical Research in Economics and Behavioral Sciences (CEREB), University of Erfurt, 99089 Erfurt, Germany; Institute of Psychology, University of Hildesheim, 31141 Hildesheim, Germany. Electronic address: johannes.leder@uni-erfurt.de.
authors: Johannes
authors: J
authors: Leder
authors: Jan Alexander
authors: JA
authors: Häusser
authors: Andreas
authors: A
authors: Mojzisch
mesh_terms: D000328:Adult; D001504:Beauty; D015415:Biomarkers; D002940:Circadian Rhythm / Q000502:physiology; D003163:Competitive Behavior; D003657:Decision Making / Q000502:physiology*; D056344:Executive Function / Q000502:physiology; D030141:Feedback, Psychological; D005717:Games, Experimental; D006801:Humans; D006854:Hydrocortisone / Q000032:analysis / Q000378:metabolism; D007858:Learning / Q000502:physiology; D008297:Male; D008433:Mathematics; D060805:Performance Anxiety / Q000503:physiopathology / Q000523:psychology; D017397:Prefrontal Cortex / Q000503:physiopathology; D011897:Random Allocation; D011932:Reading; D012463:Saliva / Q000737:chemistry; D012636:Secretory Rate; D013060:Speech / Q000502:physiology; D013315:Stress, Psychological / Q000503:physiopathology* / Q000523:psychology; D056345:Theory of Mind; D055815:Young Adult
chemical_list: D015415:Biomarkers; D006854:Hydrocortisone
keywords: Beauty contest game; Cortisol; Decision making; Neuroendocrinology; Psychological stress; Strategic behavior; Stress reaction