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Rational Expectations (RE) models have two crucial dimensions: (i) agents on average correctly forecast future prices given all available information, and (ii) given expectations, agents solve optimization problems and these solutions in turn determine actual price realizations. Experimental...
Persistent link: https://www.econbiz.de/10011048645
The objective in this paperis to analyse the effect of a reduction in working time duration in a trade union model where Capital Operating Time occurs.
Persistent link: https://www.econbiz.de/10010786971
I experimentally investigate how vague language changes the nature of communication in a biased strategic information transmission game. Counterintuitively, when both precise and imprecise messages can be sent, in aggregate, senders are more accurate, and receivers trust them more than when only...
Persistent link: https://www.econbiz.de/10013367782
A learning rule is uncoupled if a player does not condition his strategy on the opponent's payoffs. It is radically …, radically uncoupled learning rules whose period-by-period behavior comes arbitrarily close to Nash equilibrium behavior in any …
Persistent link: https://www.econbiz.de/10011702986
We analyze boundedly rational learning in social networks within binary action environments. We establish how learning … induces learning (i.e., convergence to the optimal action for every agent in every connected network) only in highly … asymmetric environments. In all other environments learning fails in networks with a diameter larger than four. Finally, we …
Persistent link: https://www.econbiz.de/10012415665
Rule learning posits that decision makers, rather than choosing over actions, choose over behavioral rules with …. Past works on rule learning have shown that when playing a single game over a number of rounds, players can learn to form … sophisticated beliefs about others. Here we are interested in learning that occurs between games where the set of actions is not …
Persistent link: https://www.econbiz.de/10010597534
This paper experimentally investigates the nature of impulses in impulse learning. Particularly, we analyze whether …
Persistent link: https://www.econbiz.de/10010709094
learning. In repeat-choice situations, such learning brings value. If probabilities appear favorable (unfavorable), a choice …, decision makers often prove to be blind to the learning opportunities offered by uncertain probabilities. They forgo …, many make choices contrary to learning. Priming with optimal strategies offers little improvement. Such decision makers …
Persistent link: https://www.econbiz.de/10011049682
How do people learn? We assess, in a model-free manner, subjectsʼ belief dynamics in a two-armed bandit learning … unsuccessful choices, than “update up” following successful choices. The profits from following the estimated learning and decision …-rational Bayesian learning model, but comparable to the profits from alternative non-Bayesian learning models, including reinforcement …
Persistent link: https://www.econbiz.de/10011049849
decisions. This paper experimentally investigates how the decision making quality of an agent's opponent impacts learning …-by-doing (LBD) and learning-by-observing (LBO) in a 2-player strategic game. Specifically, does LBD become more effective when …
Persistent link: https://www.econbiz.de/10010594601