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Theory Seminar - presented by Syngjoo Choi (Seoul National University)
13 November 2018, 4:30 pm–6:00 pm
'Strategic Sophistication and Its Economic Importance'
Event Information
Open to
- UCL staff | UCL students
Organiser
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Department of Economics
Location
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Room 321Drayton House30 Gordon StreetLondonWC1H 0AXUnited Kingdom
'Strategic Sophistication and Its Economic Importance'
Abstract
Strategic sophistication captures skills of strategic thinking in interpersonal interactions. We conduct in two adult populations a large-scale study that implements two experimental and one survey measures for strategic sophistication. Our experimental measures enable us to identify individual levels of higher-order rationality and backward induction while the survey measure identifies abilities to recognize others' mental states. We find that skills of social cognition and strategic thinking are limited and diverse across individuals, and are strongly related to household, individual own, and spouse's labor incomes. Our results suggest that strategic sophistication is a distinct ability or skill of economic importance.
About the Speaker
Syngjoo Choi
Associate Professor of Economics at Seoul National University
More about Syngjoo Choi