Depth of reasoning in the 11–20 game differs between financial professionals and students. A lab-in-the-field experiment

Abstract

We rely on Alaoui and Penta (2020)’s variant of the 11–20 game (Arad and Rubinstein, 2012), to elicit the depth of reasoning of financial professionals (FP) and students (ST). FP chose lower numbers in the 11–20 game than ST, but had similar CRT scores. We observe that ST with higher CRT scores tend to choose larger numbers. FPs’ chosen numbers are positively affected by their SVO while ST's chosen numbers are positively affected by their risk-aversion.