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The auctioning of frequency has to comply with a multitude of requirements in order to guarantee a transparent and efficient process. The German Federal Network Agency (Bundesnetzagentur) has opted for a design that provides participants with information on the highest bid after each round for...
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(e.g., a vaccine) to incentivize agents to experiment with the product. Assuming that the agents are long-lived and … forward-looking, their incentive to wait and see other agents' experiences poses a significant obstacle to social learning. We …
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This paper presents an experiment on learning in repeated games, which complements the analysis of players' actual … a priori information. The econometrics hinges on a model built upon Experience Weighted Attraction learning, and the … simultaneous analysis of data on the information gathered and on actions taken by the subjects. Results suggest that learning is a …
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This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...
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