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Measured Anxiety Affects Choices in Experimental "Clock" Games

Kang, Min Jeong and Camerer, Colin (2018) Measured Anxiety Affects Choices in Experimental "Clock" Games. Research in Economics, 72 (1). pp. 49-64. ISSN 1090-9443. doi:10.1016/j.rie.2017.02.002.

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We measure anxiety by skin conductance response (SCR) in an economic setting. In “clock” games, six agents receive private signals when an asset's price exceeds its fundamental value. They can sell for immediate value or wait to sell at a higher value. Waiting is risky because the price crashes to a lower value when three agents sell. Anxiety could lead people to sell too quickly when the game is played dynamically over time, compared to a static version with precommitted selling. Empirically, delays are shorter in dynamic games than in payoff-equivalent static games, and are associated with anxiety as measured.

Item Type:Article
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URLURL TypeDescription
Camerer, Colin0000-0003-4049-1871
Additional Information:© 2017 University of Venice. Published by Elsevier Ltd. Received 12 February 2017, Accepted 12 February 2017, Available online 18 March 2017. We thank the Lipper Family Foundation Fellowship, HFSP and Moore Foundation for financial support, John Morgan for very generously supplying original data and software, and referees or helpful comments. Deb Ray contributed analysis of learning which was included in earlier drafts, but is omitted here.
Funding AgencyGrant Number
Lipper Family FoundationUNSPECIFIED
Human Frontier Science ProgramUNSPECIFIED
Gordon and Betty Moore FoundationUNSPECIFIED
Subject Keywords:Clock Games; Anxiety; Learning; Experiments; Behavioral Game Theory; Price Bubbles; SCR
Issue or Number:1
Classification Code:JEL: C92; C72; D03
Record Number:CaltechAUTHORS:20170525-153739295
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Official Citation:Min Jeong Kang, Colin Camerer, Measured anxiety affects choices in experimental “clock” games, Research in Economics, Volume 72, Issue 1, 2018, Pages 49-64, ISSN 1090-9443, (
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:77773
Deposited By: Tony Diaz
Deposited On:25 May 2017 22:45
Last Modified:15 Nov 2021 17:33

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