Showing 1 - 10 of 13,702
the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our … participants initially underestimate the information that their experience will provide - a bias that may lead to underinvestment …
Persistent link: https://www.econbiz.de/10011976128
The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results … and theoretically in a very simple framework, how individuals initially learn by exploiting information from the pay …
Persistent link: https://www.econbiz.de/10011517970
Recently there has been much theoretical and experimental work on learning in games. However, learning usually means … learning about the strategic behavior of opponents rather than learning about the game as such. In contrast, here we report on …
Persistent link: https://www.econbiz.de/10011539825
We address the problem of learning and implementation on the Internet. When agents play repeated games in distributed … environments like the Internet, they have very limited {\em a priori} information about the other players and the payoff matrix … the essential properties that constitute ``reasonable'' learning behavior in distributed environments. We then study the …
Persistent link: https://www.econbiz.de/10011577247
asymmetric information, imperfect competition, strategic interaction, collective learning, and the possibility of multiple …; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of …
Persistent link: https://www.econbiz.de/10014024389
Using belief elicitation, the paper investigates the formation and the evolution of beliefs in a signalling game in which a common prior on Sender's type is not induced. Beliefs are elicited about the type of the Sender and about the strategies of the players. The experimental subjects often...
Persistent link: https://www.econbiz.de/10009535526
The payoff matrix of a finite stage game is realized randomly, and then the stage game is repeated infinitely. The distribution over states of the world (a state corresponds to a payoff matrix) is commonly known, but players do not observe nature’s choice. Over time, they can learn the state...
Persistent link: https://www.econbiz.de/10011690752
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...
Persistent link: https://www.econbiz.de/10011929804
evolving information about agents' common state of the world. Subjects' behavior is consistent with free-riding because of …
Persistent link: https://www.econbiz.de/10012598548
twelve 2 × 2 mixed strategy equilibria experiments. Case-based learning allows agents to explicitly incorporate information …We propose a framework in order to econometrically estimate case-based learning and apply it to empirical data from …-based learning to other learning models (reinforcement learning and self-tuned experience weighted attraction learning) while using …
Persistent link: https://www.econbiz.de/10012432206