Showing 1 - 10 of 122
learning. In repeat-choice situations, such learning brings value. If probabilities appear favorable (unfavorable), a choice …, decision makers often prove to be blind to the learning opportunities offered by uncertain probabilities. They forgo … significant expected payoffs when they shun uncertain alternatives in favor of known ones. Worse, when information is revealed …
Persistent link: https://www.econbiz.de/10011049682
In games with strategic substitutes (GSS), convergence of the best-response dynamic starting from the inf (or sup) of …, global stability is equivalent to dominance solvability, showing that in this class of games, two different foundations for …
Persistent link: https://www.econbiz.de/10010573656
This paper aspires to fill a conspicuous gap in the literature regarding learning in games—the absence of empirical … verification of learning rules involving pattern recognition. Weighted fictitious play is extended to detect two-period patterns in … adequately represent the complete learning process of game players. Additionally, standard weighted fictitious play models are …
Persistent link: https://www.econbiz.de/10011049668
Belief models capable of detecting 2- to 5-period patterns in repeated games by matching the current historical context …) using repeated games with a unique, albeit significantly different, stage mixed-strategy Nash equilibrium. Model comparisons …
Persistent link: https://www.econbiz.de/10011049875
This paper studies the learning process carried out by two agents who are involved in many games. As distinguishing all … equilibrium partitions and action choices characterized. Learning across games can destabilize strict Nash equilibria even for … games can be too costly (require too much reasoning resources) agents might partition the set of all games into categories …
Persistent link: https://www.econbiz.de/10011049900
coordination: a learning effect (early decisions reveal information) and a complementarity effect (early decisions eliminate …This paper investigates the role of endogenous timing of decisions on coordination under asymmetric information. In the … strategic uncertainty for late movers). The experiments that we conduct to test these theoretical results show that the learning …
Persistent link: https://www.econbiz.de/10011049850
sophisticated beliefs about others. Here we are interested in learning that occurs between games where the set of actions is not … data, we find that our rule learning model captures the ability of players to learn to reason across games. However, this …Rule learning posits that decision makers, rather than choosing over actions, choose over behavioral rules with …
Persistent link: https://www.econbiz.de/10010597534
information games of varying complexity. We call this discovery experience Eureka Learning. We use a change-point analysis to …
Persistent link: https://www.econbiz.de/10010662454
This paper studies supermodular mechanism design in environments with arbitrary (finite) type spaces and interdependent valuations. In these environments, the designer may have to use Bayesian equilibrium as a solution concept, because ex-post implementation may not be possible. We propose...
Persistent link: https://www.econbiz.de/10010719489
provide some necessary and some sufficient conditions for learning rules, that assume the agent has little prior and feedback … information about the environment, to reflect such preferences. We adopt the framework of Börgers, Morales and Sarin (2004 …, Econometrica) who provide similar results for learning rules that seek higher expected payoffs. Our analysis reveals that a concern …
Persistent link: https://www.econbiz.de/10011049685