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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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The black box method was developed as an "asocial control" to allow for payoff-based learning while eliminating social … participants can unwittingly affect the learning of other participants. Here, we test a solution to this problem in a range of … no significant differences in rates of learning between the original and the computerised black box, therefore either …
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investigate this claim using a simple model of Bayesian learning. Two individuals with different priors observe the same infinite … implications for economic behavior in a range of circumstances. We illustrate how the type of learning outlined in this paper …
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investigate this claim using a simple model of Bayesian learning. Two individuals with different priors observe the same infinite … behavior in a range of circumstances. We illustrate how the type of learning outlined in this paper interacts with economic …
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predictions about one-shot games and provides initial conditions for a theory of learning in repeated games. The learning theory … adds one parameter (to measure response sensitivity) and adjusts learning parameters for environmental change (e.g., old … comparable models like fictitious play and reinforcement learning. The teaching theory assumes some fraction of players realize …
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