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We use an experiment to explore how subjects learn to play against computers which are programmed to follow one of a number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious play, imitation, reinforcement learning, and a trial...
Persistent link: https://www.econbiz.de/10003379095
We introduce a generalized theoretical approach to study imitation and subject it to rigorous experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are due to different informational assumptions, not to different behavioral rules....
Persistent link: https://www.econbiz.de/10003023525
Most real world situations that are susceptible to herding are also characterized by direct payoff externalities. Yet, the bulk of the theoretical and experimental literature on herding has focused on pure informational externalities. In this paper we experi- mentally investigate the effects of...
Persistent link: https://www.econbiz.de/10003380747
A great deal of research in psychology and policy studies has demonstrated that when citizens feel fairly treated in their encounters with government agencies, they are more likely to accept and comply with regulatory rules and decisions, to feel included in society and to trust their...
Persistent link: https://www.econbiz.de/10011732387
Interpersonal trust (i.e. trust in other people) is an issue of high interest to both policy-makers and researchers seeking to understand what drives social and economic outcomes. However, for trust to usefully inform policy and analysis it is necessary to have valid and reliable measures of it....
Persistent link: https://www.econbiz.de/10011821950