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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 …We report experiments designed to test between Nash equilibria that are stable and unstable under learning. The 'TASP …
Persistent link: https://www.econbiz.de/10010288137
conclude that learning effects are more important than selection effects for explaining differences between inexperienced and …
Persistent link: https://www.econbiz.de/10012141443
Using coordination games, we study whether social norm perception differs between inexperienced and experienced … the context of daily life does not differ between the two groups. We therefore conclude that learning through experience …
Persistent link: https://www.econbiz.de/10012141453
We study compliance dynamics generated by a large set of behavioral rules describing social interaction in a population of agents facing an enforcement authority. When the authority adjusts the auditing probability every period, cycling in cheating-auditing occurs: Intensive monitoring induces...
Persistent link: https://www.econbiz.de/10010352407
Why are some people more optimistic about their life than others? Literature on locus of control suggests that optimism is associated with the belief that one's life outcomes are controlled by internal factors, such as ability, instead of external factors, such as powerful others or chance....
Persistent link: https://www.econbiz.de/10010266644
Consumer prices in many markets are persistently dispersed both across retail outlets and over time. While the cross sectional distribution of prices is stable, individual stores change their position in the distribution over time. It is a challenge to model oligopolistic price adjustment to...
Persistent link: https://www.econbiz.de/10010278131
Attention is a pivotal resource in the modern economy and plays an increasingly prominent role in economic analysis. We summarize research on attention from both psychology and economics, placing a particular emphasis on its capacity to explain numerous documented violations of classical...
Persistent link: https://www.econbiz.de/10014469341
theme in Joe Stiglitz monumental work, namely, the analysis of economies characterised by persistent learning and … major themes, namely, the consequences of learning and dynamic increasing returns, and "Keynesian" coordination failures …
Persistent link: https://www.econbiz.de/10011789723
This paper analyzes the effect of the availability of information about the payoff structure on the behavior of players … in a Common-Pool Resource game. Six groups of six individuals played a complete information game, while other six groups … played the same game but with no information about the payoff function. It will be shown that the patterns of investment …
Persistent link: https://www.econbiz.de/10010317639
learning processes exhibited by players. …
Persistent link: https://www.econbiz.de/10010317676