How do people learn? We assess, in a distribution-free manner, subjects' learning and choice rules in dynamic two …-armed bandit (probabilistic reversal learning) experiments. To aid in identification and estimation, we use auxiliary measures of … subjects' beliefs, in the form of their eye-movements during the experiment. Our estimated choice probabilities and learning …

-of-thumb?approximation to optimal behavior by trial-and-error methods as Friedman (1953) proposed long ago We find that such individual learning …

intuitively appealing explanation, based on regime switching in the real interest rate and learning, of why tests based on the …

We present the results of an experiment on learning in a continuous-time low-information setting. For a Cournot …

We report experiments designed to test between Nash equilibria that are stable and unstable under learning. The 'TASP … equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a …

technologies display learning effects and agents' rate of learning is private knowledge. In a simple two-period model with full … commitment available to the principal, we show that whether learning effects are over- or under-exploited crucially depends on … whether learning effects increase or decrease the principal's uncertainty about agents' costs of production. Hence, what …

benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the …

Bertrand solution does not predict well when the number of competitors is two, but after some opportunities for learning are …