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learning-to-forecast experiments. This finding also persists in the learning-to-optimize design. Finally, convergence in the … learning-to-optimize experiment is more challenging to achieve: coordination on the two-cycle is never observed, although the …
Persistent link: https://www.econbiz.de/10014544621
finance statistics, and the Labour Force Survey). By incorporating adaptive learning and heuristics, we equip the model to …
Persistent link: https://www.econbiz.de/10014544434
This paper provides experimental evidence on coordination within genuinely large groups that could proxy the atomistic nature of real-world markets and organizations. We use a bank-run game where the two pure-strategy equilibria "run" and "wait" can be ranked by payoff and risk-dominance and a...
Persistent link: https://www.econbiz.de/10012619580
We introduce behavioral learning equilibria (BLE) into a multi-variate linear framework and apply it to New Keynesian … Wouters (2007) model. A horse race between rational expectations equilibrium (REE), BLE and constant gain learning models … shows that the BLE model outperforms the REE benchmark and is competitive with constant gain learning models in terms of in …
Persistent link: https://www.econbiz.de/10014304189