Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately … asset, his peers may also want to purchase it, both because they learn from his choice ("social learning") and because his …

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 …

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 …

infinite-horizon learning, and subjective expectations with Euler-equation learning. Under rational expectations, the model … necessitates of large, possibly unrealistically so, degrees of myopia. The same result persists under infinite-horizon learning …, given that agents are still remarkably farsighted. But, under Euler-equation learning, the model can fit the data with only …

-dependent preferences. -- Repeated markets ; Economic principles ; Anomalies ; Experiment ; Social interactions …

In an experiment using two-bidder first-price sealed bid auctions with symmetric independent private values, we …