Rationality and Cognitive Biases in Chess: A Comprehensive Review

International Journal of Economics and Management Studies
© 2023 by SSRG - IJEMS Journal
Volume 10 Issue 9
Year of Publication : 2023
Authors : Adamya Gupta
pdf
How to Cite?

Adamya Gupta, "Rationality and Cognitive Biases in Chess: A Comprehensive Review," SSRG International Journal of Economics and Management Studies, vol. 10,  no. 9, pp. 33-39, 2023. Crossref, https://doi.org/10.14445/23939125/IJEMS-V10I9P105

Abstract:

Chess players have long been cited as examples of logical decision-makers in a variety of scientific fields. Does this description, however, reflect reality? Previous studies mostly relied on controlled experiments where participants' responses were gauged under various situations. It is interesting to note that current research has adopted a novel approach using benchmarks drawn from contemporary chess engine algorithms. With this new method, it is simple to monitor in great detail, track movement, and reveal subtle behavioural tendencies. The complexity of the chess players' rationality and their deviations are methodically discussed in this review. It illustrates the subtleties of cognitive biases by observing the prejudices of chess players. This investigation not only deepens the understanding of the synergy between chess playing and rational thinking but also sheds light on the strategic use of cognitive biases as invaluable tools for mastering the game. More significantly, it looks at how these biases might be effectively applied in various contexts to enhance strategic decision-making.

Keywords:

Behaviour, Bias, Chess, Deviation, Rationality.

References:

[1] Ramón Aciego, Lorena García, and Moisés Betancort, “The Benefits of Chess for the Intellectual and Social-Emotional Enrichment in Schoolchildren,” The Spanish Journal of Psychology, vol. 15, no. 2, pp. 551–559, 2012.
[CrossRef] [Google Scholar] [Publisher Link]
[2] Linda Babcock et al., “Notes on Behavioral Economics and Labor Market Policy,” IZA Journal of Labor Policy, vol. 1, no. 1, 2012.
[CrossRef] [Google Scholar] [Publisher Link]
[3] Vincent Berthet, “The Impact of Cognitive Biases on Professionals’ Decision-Making: A Review of Four Occupational Areas,” Frontiers in Psychology, vol. 12, 2021.
[CrossRef] [Google Scholar] [Publisher Link]
[4] Colin Camerer, and Dan Lovallo, “Overconfidence and Excess Entry: An Experimental Approach,” American Economic Review, vol. 89, no. 1, pp. 306–318, 1999.
[CrossRef] [Google Scholar] [Publisher Link]
[5] Luke Clark, “Decision-Making during Gambling: An Integration of Cognitive and Psychobiological Approaches,” Philosophical Transactions of the Royal Society B: Biological Sciences, vol. 365, no. 1538, pp. 319–330, 2010.
[CrossRef] [Google Scholar] [Publisher Link]
[6] G. Cowley, and A. Underwood, The Science of Happiness, Newsweek, 2002. [Online]. Available: https://www.newsweek.com/science-happiness-144493
[7] Nelson Cowan, “The Magical Mystery Four: How Is Working Memory Capacity Limited, and Why?,” Current Directions in Psychological Science, vol. 19, no. 1, pp. 51-57, 2010.
[CrossRef] [Google Scholar] [Publisher Link]
[8] A. De Groot, Thought and Choice in Chess, 2 nd Ed., The Hague Mouton Publishers - References - Scientific Research Publishing, 1965.
[9] Christer Gerdes, and Patrik Gränsmark, “Strategic Behavior across Gender: A Comparison of Female and Male Expert Chess Players,” Labour Economics, vol. 17, no. 5, pp. 766-755, 2010.
[CrossRef] [Google Scholar] [Publisher Link]
[10] Fotinica Gliga, and Petru Iulian Flesner, “Cognitive Benefits of Chess Training in Novice Children,” Procedia - Social and Behavioral Sciences, vol. 116, pp. 962-967, 2014.
[CrossRef] [Google Scholar] [Publisher Link]
[11] Fernand Gobet, “Expert Memory: A Comparison of Four Theories,” Cognition, vol. 66, no. 2, pp. 115-152, 1998.
[CrossRef] [Google Scholar] [Publisher Link]
[12] Hyoyoun Park, and Wook Sohn, “Behavioral Finance: A Survey of the Literature and Recent Development,” Seoul Journal of Business, vol. 19, no. 1, 2013.
[Google Scholar] [Publisher Link]
[13] Karla Hoff, and Joseph E. Stiglitz, “Striving for Balance in Economics: Towards a Theory of the Social Determination of Behavior,” Journal of Economic Behavior & Organization, vol. 126, pp. 25-57, 2016.
[CrossRef] [Google Scholar] [Publisher Link]
[14] Cameron Holdaway, and Edward Vul, “Risk-Taking in Adversarial Games: What Can 1 Billion Online Chess Games Tell us?,” Proceedings of the Annual Meeting of the Cognitive Science Society, vol. 43, 2021.
[Google Scholar] [Publisher Link]
[15] David Hardman, “Hypothesis-Testing Behaviour, by Fenna Poletiek, Hove: Psychology Press, 2001. ISBN 1-84169-159-3,” Journal of Behavioral Decision Making, vol. 15, no. 5, pp. 467-473, 2001.
[Publisher Link]
[16] Daniel Kahneman, and Amos Tversky, “Prospect Theory: An Analysis of Decision under Risk,” Handbook of the Fundamentals of Financial Decision Making, vol. 47, no. 2, pp. 99–127, 2013.
[CrossRef] [Google Scholar] [Publisher Link]
[17] Matthias Klaes, and Esther-Mirjam Sent, “A Conceptual History of the Emergence of Bounded Rationality,” History of Political Economy, vol. 37, no. 1, pp. 27–59, 2005.
[Google Scholar] [Publisher Link]
[18] Steffen Künn, Christian Seel, and Dainis Zegners, “Cognitive Performance and Remote Work - Evidence from Professional Chess,” The Economic Journal, vol. 132, no. 643, pp. 1218-1232, 2021.
[CrossRef] [Google Scholar] [Publisher Link]
[19] Francis Mechner, “Chess as a Behavioral Model for Cognitive Skill Research: Review of Blindfold Chess by Eliot Hearst and John Knott,” Journal of the Experimental Analysis of Behavior, vol. 94, no. 3, pp. 373-386, 2010.
[CrossRef] [Google Scholar] [Publisher Link]
[20] Alan H. Morris, “Human Cognitive Limitations. Broad, Consistent, Clinical Application of Physiological Principles will Require Decision Support,” Annals of the American Thoracic Society, vol. 15, pp. S53-S56, 2018.
[CrossRef] [Google Scholar] [Publisher Link]
[21] Raymond S. Nickerson, “Confirmation Bias: A Ubiquitous Phenomenon in Many Guises,” Review of General Psychology, vol. 2, no. 2, pp. 175-220, 1998.
[CrossRef] [Google Scholar] [Publisher Link]
[22] Young Joon Park, and Luís Santos-Pinto, “Overconfidence in Tournaments: Evidence from the Field,” Theory and Decision, vol. 69, no. 1, pp. 143-166, 2010.
[CrossRef] [Google Scholar] [Publisher Link]
[23] Uwe Peters, “What is the Function of Confirmation Bias?,” Erkenntnis, vol. 87, pp. 1351-1376, 2022.
[CrossRef] [Google Scholar] [Publisher Link]
[24] Thomas Rice, “The Behavioral Economics of Health and Health Care,” Annual Review of Public Health, vol. 34, no. 1, pp. 431–447, 2013.
[CrossRef] [Google Scholar] [Publisher Link]
[25] Ritika, and Nawal Kishor, “Risk Preferences for Financial Decisions: Do Emotional Biases Matter?,” Journal of Public Affairs, vol. 22, no. 2, 2020.
[CrossRef] [Google Scholar] [Publisher Link]
[26] Giovanni Sala, and Fernand Gobet, “Do the Benefits of Chess Instruction Transfer to Academic and Cognitive Skills? A Meta-Analysis,” Educational Research Review, vol. 18, pp. 46–57, 2016.
[CrossRef] [Google Scholar] [Publisher Link]
[27] Ulrich Schmidt, and Horst Zank, “What is Loss Aversion?,” Journal of Risk and Uncertainty, vol. 30, no. 2, pp. 157-167, 2005.
[CrossRef] [Google Scholar] [Publisher Link]
[28] Scientific Research Publishing (SCIRP) Open Access, 2023. [Online]. Available: https://www.scirp.org/
[29] Herbert A. Simon, “Bounded Rationality,” Utility and Probability, pp. 15–18, 1990.
[CrossRef] [Google Scholar] [Publisher Link]
[30] Richard H. Thaler, and Eric J. Johnson, “Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice,” Management Science, vol. 36, no. 6, pp. 643–660, 1990.
[CrossRef] [Google Scholar] [Publisher Link]
[31] Mauricio A. Valle, Andrés M. Pérez-Acosta, and José L.O. Bueno, Risk Preferences in Sequential Gambling Decisions: A Study with Betting Games with and without Requirement of Previous Effort, University of the Rosary, Nova Science Publishers, 2022.
[Publisher Link]
[32] Gregory Wheeler, Bounded Rationality, Stanford Encyclopedia of Philosophy, 2018.
[Publisher Link]
[33] Max Witynski, What is Behavioral Economics? University of Chicago News, 2022.
[Publisher Link]
[34] Steve Dale, “Heuristics and Biases: The Science of Decision-Making,” Business Information Review, vol. 32, no. 2, pp. 93–99, 2015.
[CrossRef] [Google Scholar] [Publisher Link]
[35] Dainis Zegners, Uwe Sunde, and Anthony Strittmatter, “On the Causes and Consequences of Deviations from Rational Behavior,” SSRN Electronic Journal, CESifo Working Paper, 2020.
[CrossRef] [Google Scholar] [Publisher Link]