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We present an experiment for the study of learning in a complex task which requires both memorisation and the ability …
Persistent link: https://www.econbiz.de/10014223185
This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...
Persistent link: https://www.econbiz.de/10012824357
Non-classical models of economic behaviour, usually summarised under the notion of 'Bounded Rationality' criticise the assumptions of the standard economic model - hyperrationality, perfect and costless information, and unlimited mental processing capabilities. However, alternative approaches...
Persistent link: https://www.econbiz.de/10005034999
reinforcement learning wherein individuals become unduly optimistic after receiving good returns. In sharp contrast, there is little …
Persistent link: https://www.econbiz.de/10005034357
thesis makes two distinct contributions in the field of learning game theory and one in the field of evolutionary game theory … tractability, and also to illustrate, complement and extend various analytical derivations. The two extensions to learning game … one of two alternative decision-making processes –case-based reasoning or reinforcement learning– that have received …
Persistent link: https://www.econbiz.de/10005790121
different cognitive abilities learn differently, we estimate a structural model of learning based on level-k reasoning. We find …
Persistent link: https://www.econbiz.de/10011259076
Bateson. Learning requires to recognize a series of situations as identical and then to observe the effect of given variables … hypothesis to be continuously tested. This vision of bounds and learning has many implications for the debate on rationality and …
Persistent link: https://www.econbiz.de/10005616822
Dynamic models of learning and adaptation have provided realistic predictions in terms of voting behavior. This study … choice. We test through panel data methods an outcome-based learning mechanism based on the following assumptions: (a) people … affiliation reinforce this adaptive behavior. The analysis also investigates the intensity of the learning feedback …
Persistent link: https://www.econbiz.de/10009647342
Dynamic models of learning and adaptation have provided realistic predictions in terms of voting behavior. This study … aims at contributing to their scant empirical verification. We develop a learning algorithm based on bounded rationality … estimating the pattern of learning process through a two-stage econometric model. The analysis links voting behavior to past …
Persistent link: https://www.econbiz.de/10008866164
We examine a market in which consumers are forced to rely on noisy price signals to select between homogeneous products. The noise originates either from firms' price obfuscation or consumers' bounded information processing capabilities. Standard models and empirical experiments of markets with...
Persistent link: https://www.econbiz.de/10011114430