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Robust learning experiments : evidence for learning and deliberation
Güth, Werner - 2000
Robust learning experiments confront participants with structurally different decision environments which they encounter, furthermore, repeatedly. Since the decision format does not depend on the rules (of game), forward looking deliberation (the shadow of the future) can be detected by...
Persistent link: https://www.econbiz.de/10009612041
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From full to bounded rationality : the limits of unlimited rationality
Güth, Werner; Kliemt, Hartmut - 2001
of boundedly rational individuals. In view of such a causal role of theories we discuss how advice of a theory of …
Persistent link: https://www.econbiz.de/10009612562
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Through trial & error to collusion
Huck, Steffen; Oechssler, Joerg; Normann, Hans-Theo - 1999
In this note we study a very simple trial & error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity by one unit as long as this leads to higher profits. We show that despite the absence of...
Persistent link: https://www.econbiz.de/10009580461
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Does cascade behavior in information cascades reflect Bayesian updating? : an experimental study
Oberhammer, Clemens; Stiehler, Andreas - 2001
Updating behavior in cascade experiments is usually investigated on the basis of urn prediction. But urn predictions alone can only provide a very rough information on individual updating behavior. Therefore, we implement a BDM mechanism. Subjects have to submit maximum prices that they are...
Persistent link: https://www.econbiz.de/10009613603
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Simultaneous over- and underconfidence : evidence from experimental asset markets
Maciejovsky, Boris; Kirchler, Erich - 2001
In this paper individual overconfidence within the context of an experimental asset market is investigated. Overall, 72 participants traded one risky asset on six markets of 12 participants each. The results indicate that individuals were not generally overconfident. Moreover, overconfidence was...
Persistent link: https://www.econbiz.de/10009614297
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A note on the E-mail game : bounded rationality and induction
Dulleck, Uwe - 1997
In Rubinstein's (1989) E-mail game there exists no Nash equilibrium where players use strategies that condition on the E-mail communication. In this paper I restrict the utilizable information for one player. I show that in contrast to Rubinstein's result, in a payoff dominant Nash equilibrium...
Persistent link: https://www.econbiz.de/10009657893
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How ultimatum offers emerge : a study in bounded rationality
Güth, Werner - 2000
The general framework of decision emergence (Güth, 2000a) is applied to the specific decision task of a proposer in ultimatum bargaining, i.e. to choosing how much the responder should be offered. For this purpose the "Master Module" as well as its submodules "New Problem Solver", "Adaptation...
Persistent link: https://www.econbiz.de/10009583892
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Framing effects on asset markets : an experimental analysis
Kirchler, Erich; Maciejovsky, Boris; Weber, Martin - 2001
In this paper we investigate four hypotheses which are inconsistent with expected utility theory, but may well be … explained by prospect theory. It deals with framing, the non-linearity of subjective probabilities, the disposition effect, and …) found little correspondence between different experimental risk elicitation methods. -- Prospect Theory ; Framing …
Persistent link: https://www.econbiz.de/10009613618
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Learning to bid : an experimental study of bid function adjustments in auctions and fair division games
Güth, Werner; Ivanova-Stenzel, Radosveta; Königstein, … - 1999
sequencing structure of game types, game rules do matter, and directional learning theory offers a partial explanation for bid …
Persistent link: https://www.econbiz.de/10009581102
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Limited depth of reasoning and failure of cascade formation in the laboratory
Kübler, Dorothea; Weizsäcker, Georg - 2000
We examine the robustness of information cascades in laboratory experiments. Apart from the situation in which each player can obtain a signal for free (as in the experiment by Anderson and Holt, 1997, American Economic Review), the case of costly signals is studied where players decide whether...
Persistent link: https://www.econbiz.de/10009612571