Reinforcement learning has proved quite successful in predicting subjects' adjustment behaviour in repeatedly played … simple games. However, reinforcement learning does not predict convergence to the efficient cell in the minimal information … game of mutual fate control, while earlier psychologists' experiments show some tendency to convergence. Our rivalling …

efficient use. In a series of experiments, Vernon Smith [1987] found that with the right trading institutions, a market with … trading volume. In the series of experiments reported here, the extension of the Hayek Hypothesis to an economy with …

rather classical economic institution: competition. In a series of laboratory experiments, we reveal that the true reason for …

iteration of the same game along the lines suggested by anticipatory learning models. …

examine the sensitivity of this result to the ability of people to observe others' choices. Our experiments are set in a …