Showing 1 - 10 of 3,757
We designed four observational learning experiments to identify the key channels that, along with Bayes-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in turn by subjects endowed with private signals of...
Persistent link: https://www.econbiz.de/10011789104
Algorithm-based decision support systems play an increasingly important role in decisions involving exploration tasks … rather than exploitation, and model the participants' decision-making processes using a learning model comparable to the …
Persistent link: https://www.econbiz.de/10013482224
Human decision-making differs due to variation in both incentives and available information. This generates substantial … challenges for the evaluation of whether and how machine learning predictions can improve decision outcomes. We propose a … decision maker payoff functions and predictive skill. We apply our framework to the major health policy problem of improving …
Persistent link: https://www.econbiz.de/10012315943
decision-making in the context of initial play in two-player matrix games, analyzing over 90,000 human decisions across more …
Persistent link: https://www.econbiz.de/10015051641
This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making …
Persistent link: https://www.econbiz.de/10012226615
Algorithms play an increasingly important role in economic situations. These situations are often strategic, where the artificial intelligence may or may not be cooperative. We study the deter-minants and forms of algorithmic cooperation in the infinitely repeated prisoner’s dilemma. We run a...
Persistent link: https://www.econbiz.de/10014543708
We examine the profitability of personalized pricing policies that are derived using different specifications of demand in a typical retail setting with consumer-level panel data. We generate pricing policies from a variety of models, including Bayesian hierarchical choice models, regularized...
Persistent link: https://www.econbiz.de/10012692296
We postulate a nonlinear DSGE model with a financial sector and heterogeneous households. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk induces an...
Persistent link: https://www.econbiz.de/10012260513
This paper sheds new light on the role of communication for cartel formation. Using machine learning to evaluate free-form chat communication among firms in a laboratory experiment, we identify typical communication patterns for both explicit cartel formation and indirect attempts to collude...
Persistent link: https://www.econbiz.de/10013418834
This paper addresses the steep learning curve in Machine Learning faced by non-computer scientists, particularly social scientists, stemming from the absence of a primer on its fundamental principles. I adopt a pedagogical strategy inspired by the adage ”once you understand OLS, you can work...
Persistent link: https://www.econbiz.de/10015070152