We demonstrate in a laboratory experiment in which subjects play a two-player Cournot-Tullock game over hundreds of periods of varying length that full accounts of subjects' learning requires the consideration of, both, 'period time' and 'physical time.'

We study how subjects in an experiment use different forms of public information about their opponents' past behavior. In the absence of public information, subjects appear to use rather detailed statistics summarizing their private experiences. If they have additional public information, they...