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Mental equilibrium and strategic emotions

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Mental equilibrium and strategic emotions. / Winter, E.; Méndez-Naya, L.; García-Jurado, I.

In: Management Science, Vol. 63, No. 5, 05.2017, p. 1302-1317.

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Harvard

Winter, E, Méndez-Naya, L & García-Jurado, I 2017, 'Mental equilibrium and strategic emotions', Management Science, vol. 63, no. 5, pp. 1302-1317. https://doi.org/10.1287/mnsc.2015.2398

APA

Winter, E., Méndez-Naya, L., & García-Jurado, I. (2017). Mental equilibrium and strategic emotions. Management Science, 63(5), 1302-1317. https://doi.org/10.1287/mnsc.2015.2398

Vancouver

Winter E, Méndez-Naya L, García-Jurado I. Mental equilibrium and strategic emotions. Management Science. 2017 May;63(5):1302-1317. Epub 2016 Apr 22. doi: 10.1287/mnsc.2015.2398

Author

Winter, E. ; Méndez-Naya, L. ; García-Jurado, I. / Mental equilibrium and strategic emotions. In: Management Science. 2017 ; Vol. 63, No. 5. pp. 1302-1317.

Bibtex

@article{396bc14bdf874b47861a7996d6c8c2a9,
title = "Mental equilibrium and strategic emotions",
abstract = "We model mental states as part of an equilibrium notion. In a mental equilibrium each player {"}selects{"} an emotional state that determines the player's preferences over the outcomes of the game. These preferences typically differ from the players' material preferences. The emotional states interact to play a Nash equilibrium and, in addition, each player's mental state must be a best response to the mental states of the others (in the sense of maximizing material payoffs). We discuss the concept behind the definition of mental equilibrium and examine it in the context of some of the most popular games discussed in the experimental economics literature. In particular, our approach allows us to identify the mental states (the psychology) that lead players to play various prominent experimental outcomes. We provide necessary and sufficient conditions for mental equilibria to be sustained by material preferences. Finally, we discuss the concept of collective emotions, which is based on the idea that players can coordinate their mental states. {\textcopyright} Copyright 2016 INFORMS.",
keywords = "Behavioral economics, Emotions, Equilibrium, Games, Management, Management science, Phase equilibria, Best response, Emotional state, Experimental economics, Mental state, Nash equilibria, Economics",
author = "E. Winter and L. M{\'e}ndez-Naya and I. Garc{\'i}a-Jurado",
year = "2017",
month = may,
doi = "10.1287/mnsc.2015.2398",
language = "English",
volume = "63",
pages = "1302--1317",
journal = "Management Science",
issn = "0025-1909",
publisher = "INFORMS Inst.for Operations Res.and the Management Sciences",
number = "5",

}

RIS

TY - JOUR

T1 - Mental equilibrium and strategic emotions

AU - Winter, E.

AU - Méndez-Naya, L.

AU - García-Jurado, I.

PY - 2017/5

Y1 - 2017/5

N2 - We model mental states as part of an equilibrium notion. In a mental equilibrium each player "selects" an emotional state that determines the player's preferences over the outcomes of the game. These preferences typically differ from the players' material preferences. The emotional states interact to play a Nash equilibrium and, in addition, each player's mental state must be a best response to the mental states of the others (in the sense of maximizing material payoffs). We discuss the concept behind the definition of mental equilibrium and examine it in the context of some of the most popular games discussed in the experimental economics literature. In particular, our approach allows us to identify the mental states (the psychology) that lead players to play various prominent experimental outcomes. We provide necessary and sufficient conditions for mental equilibria to be sustained by material preferences. Finally, we discuss the concept of collective emotions, which is based on the idea that players can coordinate their mental states. © Copyright 2016 INFORMS.

AB - We model mental states as part of an equilibrium notion. In a mental equilibrium each player "selects" an emotional state that determines the player's preferences over the outcomes of the game. These preferences typically differ from the players' material preferences. The emotional states interact to play a Nash equilibrium and, in addition, each player's mental state must be a best response to the mental states of the others (in the sense of maximizing material payoffs). We discuss the concept behind the definition of mental equilibrium and examine it in the context of some of the most popular games discussed in the experimental economics literature. In particular, our approach allows us to identify the mental states (the psychology) that lead players to play various prominent experimental outcomes. We provide necessary and sufficient conditions for mental equilibria to be sustained by material preferences. Finally, we discuss the concept of collective emotions, which is based on the idea that players can coordinate their mental states. © Copyright 2016 INFORMS.

KW - Behavioral economics

KW - Emotions

KW - Equilibrium

KW - Games

KW - Management

KW - Management science

KW - Phase equilibria

KW - Best response

KW - Emotional state

KW - Experimental economics

KW - Mental state

KW - Nash equilibria

KW - Economics

U2 - 10.1287/mnsc.2015.2398

DO - 10.1287/mnsc.2015.2398

M3 - Journal article

VL - 63

SP - 1302

EP - 1317

JO - Management Science

JF - Management Science

SN - 0025-1909

IS - 5

ER -