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This paper investigates why subjects in laboratory experiments on quantity precommitment games consistently choose capacities above the Cournot level - the subgame-perfect equilibrium. We argue that this puzzling regularity may be attributed to players' perceptions of their opponents' skill or...
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certain modes of behavior due to learning by doing. This paper provides discrete-time adjustment processes for strategic games … beliefs supported by observed play in the recent past, in line with much of the literature on learning. These processes … eventually settle down in the minimal prep sets of Voorneveld (2004, 2005). -- adjustment ; learning ; minimal prep sets …
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Micro data from a dental insurance natural experiment is used to analyze why agents opt out of insurance. The purpose … is to relate the dropout decision to new information on risk, acquired by the policy holder and the insurer. The results … insurer's information fully into account, even though it is public. The decision is also based on old information …
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In this paper I define an evolutionary stability criterion for learning rules. Using Monte Carlo simulations, I then … apply this criterion to a class of learning rules that can be represented by Camerer and Ho's (1999) model of learning. This … class contains perturbed versions of reinforcement and belief learning as special cases. A large population of individuals …
Persistent link: https://www.econbiz.de/10001622441
player role, is drawn to play and chooses a pure strategy according to her personal learning rule after observing a sample …
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