Showing 21 - 30 of 46,598
In this paper we introduce four new learning models: impulse balance learning, impulse matching learning, action … reinforcement learning, we conduct simulations over 12 different 2×2 games and compare the results with experimental data obtained …-sampling learning and impulse matching learning successfully replicate the experimental data on the aggregate, they fail in describing …
Persistent link: https://www.econbiz.de/10004989641
play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those … number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious … and that all learning algorithms are subject to exploitation with the notable exception of imitation. The experiment was …
Persistent link: https://www.econbiz.de/10004968388
This paper extends several existing learning models to investigate their fixed points (their long run predictions of …
Persistent link: https://www.econbiz.de/10005677865
Experimental data is used to test a variety of learning models using a model that extends several of the existing … learning models. Generally, the parameter estimate are in the expected ranges. Individual agent parameter estimates indicate … experienced over those not experienced). We reject the rote learning version of the model in favour of a (weak) belief learning …
Persistent link: https://www.econbiz.de/10005677870
evolution, is often a negligible factor in the experiment. Behaviour is predominantly driven by reinforcement learning. …This study disentangles experimentally imitation, reinforcement, and reciprocity in repeated prisoners' dilemmas. We … estimate parameters of a learning model. We find that imitation, while assumed to be a driving force in many models of spatial …
Persistent link: https://www.econbiz.de/10005463674
ambiguous lotteries. In the second experiment the sample averages do not converge.If we define fictive learning in an experiment …, then we expect fictive learning in the first experiment, but no fictive learning in the second experiment. The surprising … finding in this paper is the presence of fictive learning in the second experiment. We attribute this counterintuitive result …
Persistent link: https://www.econbiz.de/10013084883
This paper is an exposition of an experiment on revealed preferences, where we posit a novel discrete binary choice model. To estimate this model, we use general estimating equations or GEE. This is a methodology originating in biostatistics for estimating regression models with correlated data....
Persistent link: https://www.econbiz.de/10013056705
We analyze lottery-choice data in a way that separately estimates the effects of risk aversion and complexity aversion, and allows both both of these to vary between individuals, and also to change with experience. The data is from an experiment in which 80 subjects engage in a sequence of 54...
Persistent link: https://www.econbiz.de/10010890957
This paper studies to what extent the experiences of households shape their willingness to take financial risks. It follows the methodology of Malmendier and Nagel (2011) and applies it to a novel data set on household finances covering euro area households. We show that experienced stock market...
Persistent link: https://www.econbiz.de/10011605697
results are extended to a model of learning, in which type k plays a k times iterated best response the average of past play …
Persistent link: https://www.econbiz.de/10010281423