Hu, Yingyao; Kayaba, Yutaka; Shum, Matthew - In: Games and Economic Behavior 81 (2013) C, pp. 215-231
How do people learn? We assess, in a model-free manner, subjectsʼ belief dynamics in a two-armed bandit learning … unsuccessful choices, than “update up” following successful choices. The profits from following the estimated learning and decision …-rational Bayesian learning model, but comparable to the profits from alternative non-Bayesian learning models, including reinforcement …