Strategic Decision-Making and Social Skills: Integrating Behavioral Economics and Social Cognition Research

Faculty/Professorship: Personality Psychology and Psychological Assessment  
Author(s): Schilbach, Leonhard; Mojzisch, Andreas; Leder, Johannes  
Title of the Journal: International Journal of Financial Studies : open access journal
ISSN: 2227-7072
Publisher Information: Basel : MDPI
Year of publication: 2016
Volume: 4
Issue: 22
Pages: 1-24
Language(s): English
DOI: 10.3390/ijfs4040022
Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. Thus, strategic decisions are influenced by the social context and by beliefs about other actors’ levels of sophistication. The present study investigated whether strategic decision-making, as measured by the beauty contest game, is associated with social skills, as measured by the Autism Quotient (AQ). In line with our hypothesis, we found that social skills were positively related to successful strategic decision-making. Furthermore, results showed a curvilinear relationship between steps of reasoning in the beauty contest game and social skills, indicating that very high as well as very low scoring individuals on the social skills subscale of the AQ engaged in high-levels of strategic thinking.
Keywords: strategic decision-making, beauty contest game, social skills
Peer Reviewed: Ja
International Distribution: Ja
Open Access Journal: Ja
Type: Article
Year of publication: 7. December 2016