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. -- Asymmetric Information ; Adverse Selection ; Learning ; Health Insurance …
Persistent link: https://www.econbiz.de/10002570047
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 …
Persistent link: https://www.econbiz.de/10002640702
; Evolutionary game theory ; Evolutionary Stability ; Learning in games ; Belief learning ; Reinforcement learning …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 …
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 … size. -- Bounded rationality ; Evolutionary game theory ; Imitation ; Better replies ; Markov chain ; Stochastic stability …
Persistent link: https://www.econbiz.de/10001622442
William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted...
Persistent link: https://www.econbiz.de/10001782478
Persistent link: https://www.econbiz.de/10001565686
Experiments in psychology, where subjects estimate confidence intervals to a series of factual questions, have shown that individuals report far too narrow intervals. This has been interpreted as evidence of overconfidence in the preciseness of knowledge, a potentially serious violation of the...
Persistent link: https://www.econbiz.de/10001790875
We model networks of relational (or implicit)contracts, exploring how sanctioning power and equilibrium conditions change under different network configurations and information transmission technologies. In our model, relations are the links, and the value of the network lies in its ability to...
Persistent link: https://www.econbiz.de/10002450641
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...
Persistent link: https://www.econbiz.de/10001913808
Persistent link: https://www.econbiz.de/10000971378