It is only relatively recently that economists have begun to realise the importance of learning and study the impact it can have on social outcomes. This book provides an in-depth experimental analysis of current models and methods of adaptive learning in economics. It focuses on environments in...

We have assembled a unique loan-level performance dataset for mortgages originated in the UK to study the differences in default likelihood between loans of varying borrower and loan characteristics. We can broadly confirm the relevance of most commonly known riskfactors and find that most...

For simple sequential games, the payoff structure has certain bargaining power implication. Intuitively, certain actions may have the effect of the carrot and the stick as sanctioning means. Fair outcomes can be alternatively viewed as the consequence of their presence. Experimental data on...

Reinforcement learning has proved quite successful in predicting subjects' adjustment behaviour in repeatedly played simple games. However, reinforcement learning does not predict convergence to the efficient cell in the minimal information game of mutual fate control, while earlier...

Earlier experiments have shown that under little information subjects are hardly able to coordinate even though there are no conflicting interests and subjects are organised in fixed pairs. This is so, even though a simple adjustment process would lead the subjects into the efficient, fair and...

The growing literature on learning in games has produced various results on the predictive success of learning theories. These results, however, were based on various methods of comparison. The present paper uses experimental data on a set of four games in order to check on the robustness of...