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What Does Economics Assume About People?s Knowledge? Who knows?
Caleiro, António - Departamento de Economia, Universidade de Évora - 2007
rationality behaviour by people. Quite recent developments in the Economics of Knowledge, i.e. the so-called learning models, have …
Persistent link: https://www.econbiz.de/10005398696
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Learning, Forecasting and Optimizing: An Experimental Study
Bao, Te; Duffy, John; Hommes, Cars - Tinbergen Instituut - 2012
This discussion paper led to a publication in the 'European Economic Review' (2013). Vol. 61, pp. 186-204.<P> Rational Expectations (RE) models have two crucial dimensions: 1) agents correctly forecast future prices given all available information, and 2) given expectations, agents solve...</p>
Persistent link: https://www.econbiz.de/10011256912
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Cognitive ability and learning to play equilibrium: A level-k analysis
Gill, David; Prowse, Victoria - Volkswirtschaftliche Fakultät, … - 2012
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
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Learning, forecasting and optimizing: An experimental study
Bao, Te; Duffy, John; Hommes, Cars - In: European Economic Review 61 (2013) C, pp. 186-204
Rational Expectations (RE) models have two crucial dimensions: (i) agents on average correctly forecast future prices given all available information, and (ii) given expectations, agents solve optimization problems and these solutions in turn determine actual price realizations. Experimental...
Persistent link: https://www.econbiz.de/10011048645
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Exploring Human Behaviour and Learning in Experimental Cournot Settings
LUPI, Paolo; SBRIGLIA, Patrizia - In: Rivista Internazionale di Scienze Sociali 111 (2003) 3, pp. 373-395
The objective in this paperis to analyse the effect of a reduction in working time duration in a trade union model where Capital Operating Time occurs.
Persistent link: https://www.econbiz.de/10010786971
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On the Behavior of Proposers in Ultimatum Games
Brenner, T.; Vriend, N.J. - Volkswirtschaft Abteilung, Fachbereich … - 2003
offer. Second, considering a range of learning theories (from optimal to boundedly rational), we explain that this is an … inherent feature of the learning task faced by the proposers, and we provide some insights into the actual learning behavior of …
Persistent link: https://www.econbiz.de/10005765347
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Explaining Price Dispersion and Dynamics in Laboratory Bertrand Markets
Bayer, Ralph-C; Wu, Hang; Chan, Mickey - School of Economics, University of Adelaide - 2013
This paper develops a quantal-response adaptive learning model which combines sellers' bounded rationality with … adaptive belief learning in order to explain price dispersion and dynamics in laboratory Bertrand markets with perfect … estimation suggests that when sellers have full past price information, the learning model explains price dispersion within …
Persistent link: https://www.econbiz.de/10011186675
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Rockets and Feathers in the Laboratory
Bayer, Ralph-C; Ke, Changxia - Max-Planck-Institut für Steuerrecht und öffentliche … - 2011
Consumers often complain that retail prices respond faster to increases in wholesale prices than to decreases. Despite many empirical studies confirming this "Rockets-and-Feathers" phenomenon for different industries, the mechan¬ism driving it is not well understood. In this paper, we show...
Persistent link: https://www.econbiz.de/10010990333
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Are "Rockets and Feathers" Caused by Search or Informational Frictions
Bayer, Ralph-C; Ke, Changxia - Max-Planck-Institut für Steuerrecht und öffentliche … - 2011
Prices usually adjust much faster when costs increase than when costs decrease. The mechanism driving this "Rockets-and-Feathers" phenomenon is not well understood despite of ample empirical evidence for its existence. We use simple experimental markets with and without consumer search and...
Persistent link: https://www.econbiz.de/10010990353
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Individual learning: theory formation, and feedback in a complex task
Novarese, Marco; Lanteri, Alessandro - Volkswirtschaftliche Fakultät, … - 2007
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/10005790147