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Agents in a network want to learn the true state of the world from their own signals and their neighbors' reports. Agents know only their local networks, consisting of their neighbors and the links among them. Every agent is Bayesian with the (possibly misspecified) prior belief that her local...
Persistent link: https://www.econbiz.de/10012159057
We study behavior in repeated interactions when agents have no information about the structure of the underlying game and they cannot observe other agents' actions or payoffs. Theory shows that even when players have no such information, simple payoff-based learning rules eventually lead to...
Persistent link: https://www.econbiz.de/10013014874
The analysis in this paper searches for individual and group determinants of learning behavior in Monty Hall's Three Door problem examined in Friedman (1998). The results show that the size of monetary incentives, individuals' initial abilities, and social interactions with others are all...
Persistent link: https://www.econbiz.de/10014106999
This paper explores the extent to which people learn in repeated games without feedback, and the extent to which this learning transfers to new games. Current theories of learning model learning as adjustment in behavior in response to feedback about outcomes and payoffs and largely ignore the...
Persistent link: https://www.econbiz.de/10014087372
attention to governance by a wide range of market participants; (ii) Until the beginning of the 2000s, but not subsequently …
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