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History offers many examples of dictators who worsened their behavior significantly over time (like Zimbabwe's Robert Mugabe), while there are also cases of dictators who have displayed remarkable improvements (like Jerry Rawlings of Ghana).  We show that such mutations can result from rational...
Persistent link: https://www.econbiz.de/10011004292
.  We propose a completely uncoupled learning process that selects a subset of the core of the game with a natural equity …
Persistent link: https://www.econbiz.de/10011004342
learning based on level-k reasoning.  We find a systematic positive relationship between cognitive ability and levels … ability to that of character skills, and find that both cognition and personality affect behavior and learning.  More …
Persistent link: https://www.econbiz.de/10011004460
.  This may be a reason why some notable policy experiments were implemented by non-accountable regimes (cf. Chile and China …
Persistent link: https://www.econbiz.de/10011004471
People believe that, even in very large samples, proportions of binary signals might depart significantly from the population mean.  We model this "non-belief in the Law of Large Numbers" by assuming that a person believes that proportions in any given sample might be determined by a rate...
Persistent link: https://www.econbiz.de/10011004478
Models of macroeconomic learning are populated by agents who possess a great deal of knowledge of the "true" structure … of the economy, and yet ignore the impact of their own learning on that structure; they may learn about an equilibrium …, but they do not learn within it.  An alternative learning model is presented where agents' decisions are informed by …
Persistent link: https://www.econbiz.de/10009421152
the existing literature, which typically focuses on the learning of private agents during a disinflation.  We build a …
Persistent link: https://www.econbiz.de/10009364587
This paper presents a neural network model developed to simulate the endogenous emergence of bounded-rational behavior in normal-form games. There exists an algorithm which, if learnt by a neural network, would enable it to perfectly select Nash equilibria in never before seen games. However,...
Persistent link: https://www.econbiz.de/10010605217
other, and can delay their decision. Subjects acted rationally, gaining from observational learning, despite penalties for …
Persistent link: https://www.econbiz.de/10010605219
Why do people stall while bargaining? Why are people keen to conclude a deal quickly, only to subsequently allow delay before the pie is realised? We propose that the reason is not fully explained by discount rates in combination with agents being engaged in a signalling equilibrium with...
Persistent link: https://www.econbiz.de/10005090621