Showing 1 - 10 of 12
decision rules, and that only a quarter of them decide according to the toss of a fair coin. Reinforcement learning is the most …
Persistent link: https://www.econbiz.de/10010281623
decision rules, and that only a quarter of them decide according to the toss of a fair coin. Reinforcement learning is the most … ; Mixed strategy ; Learning models ; Experiments …
Persistent link: https://www.econbiz.de/10008689027
Bidding challenges learning theories, since with the same bid, experiences vary stochastically: the same choice can … experienced-weighted attraction model. Our experimental results suggest that individual learning dynamics are highly heterogeneous …
Persistent link: https://www.econbiz.de/10013155297
Economic theory has evolved without paying proper attention to behavioral approaches, especially to social, economic, and cognitive psychology. This has recently changed by including behavioral economics courses in many doctoral study programs. Although this new development is most welcome, the...
Persistent link: https://www.econbiz.de/10010263842
In first- and second-price private value auctions with sequential bidding, second movers may discover the first movers' bid. Equilibrium behavior in the first-price auction is mostly unaffected but there are multiple equilibria in the second- price auction. Consequently, comparative statics...
Persistent link: https://www.econbiz.de/10011788770
We examine learning behavior in auctions and Fair division games with independent private values under two different … than single bids. This allows us to examine whether learning is influenced by the structural differences between games. We … find that within the time horizon which we investigate, learning does not drive toward risk neutral equilibrium bidding and …
Persistent link: https://www.econbiz.de/10009581102
In first- and second-price private value auctions with sequential bidding, second movers may discover the first movers’ bid. Equilibrium behavior in the first-price auction is mostly unaffected but there are multiple equilibria in the second- price auction. Consequently, comparative statics...
Persistent link: https://www.econbiz.de/10011738563
Persistent link: https://www.econbiz.de/10003593213
Robust learning experiments confront participants with structurally different decision environments which they …
Persistent link: https://www.econbiz.de/10009612041
This paper reports results of a 100-round Yes-No game experiment conducted under the random matching protocol. In contrast to ultimatum bargaining, the responder in the Yes-No game decides whether to accept without knowing the proposer's offer. Although both games have the same solution outcome...
Persistent link: https://www.econbiz.de/10010500156