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We use a limited information environment to mimic the state of confusion in an experimental, repeated public goods game. The results show that reinforcement learning leads to dynamics similar to those observed in standard public goods games. However, closer inspection shows that individual decay...
Persistent link: https://www.econbiz.de/10011343917
We use a limited information environment to mimic the state of confusion in an experimental, repeated public goods game. The results show that reinforcement learning leads to dynamics similar to those observed in standard public goods games. However, closer inspection shows that individual decay...
Persistent link: https://www.econbiz.de/10009735336
We study the classical free-rider problem in public goods provision in a large economy with uncertainty about the average valuation of the public good. Individual preferences over public goods are shaped by a skill and a taste parameter. We use a mechanism design approach to solve for the...
Persistent link: https://www.econbiz.de/10010374864
vary. The experiment implements two marginal return types, low and high, and uses the information that members have about …
Persistent link: https://www.econbiz.de/10009233013
vary. The experiment implements two marginal return types, low and high, and uses the information that members have about …
Persistent link: https://www.econbiz.de/10013128231
Policymakers interested in increasing private provision of public goods have been attempting to improve information availability, so as to enhance individuals' ability to make socially responsible choices. Nevertheless, individuals are often observed to contribute to public goods without knowing...
Persistent link: https://www.econbiz.de/10012860410
This paper studies a game of strategic experimentation with two-armed bandits whose risky arm might yield a payoff only after some exponentially distributed random time. Because of free-riding, there is an inefficiently low level of experimentation in any equilibrium where the players use...
Persistent link: https://www.econbiz.de/10010440933