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We propose a framework in order to econometrically estimate case-based learning and apply it to empirical data from … twelve 2 × 2 mixed strategy equilibria experiments. Case-based learning allows agents to explicitly incorporate information …-based learning to other learning models (reinforcement learning and self-tuned experience weighted attraction learning) while using …
Persistent link: https://www.econbiz.de/10012432206
prevalent in early and late stages of a learning process, whereas reason governs decisions in intermediate stages. Examples …
Persistent link: https://www.econbiz.de/10010480864
prevalent in early and late stages of a learning process, whereas reason governs decisions in intermediate stages. Examples …
Persistent link: https://www.econbiz.de/10011103391
prevalent in early and late stages of a learning process, whereas reason governs decisions in intermediate stages. Examples …
Persistent link: https://www.econbiz.de/10013030327
This chapter provides a critical review of the theories of decision making under risk and under uncertainty and the notion of choice-based subjective probabilities. It includes formal statements and discussions of the various models, including their analytical frameworks, the corresponding...
Persistent link: https://www.econbiz.de/10014025531
Shackle was one of the representative critics of probability calculus. His alternative decision theory was mathematically reformalized by Katzner till 1990s. Following the Katzner's reformalized framework, this paper presents a new interpretation of Shacklean theory by focusing on the common...
Persistent link: https://www.econbiz.de/10013415895
We provide an axiomatic approach to a belief formation process in an informational environment characterized by limited, heterogenous and differently precise information. For a list of previously observed cases an agent needs to express her belief by assigning probabilities to possible outcomes....
Persistent link: https://www.econbiz.de/10010356678
This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...
Persistent link: https://www.econbiz.de/10011700273
probability estimations and outcome preferences according to the learning models suggested by neuroscience (i.e., adaptive … learning aimed at reducing surprises), and analogous to Bayesian updating. The search context is derived from experimental … economics, whereas the learning framework is borrowed from theoretical economics. Analytical results show that obstinate and …
Persistent link: https://www.econbiz.de/10011703316
This paper analyzes dynamic choice for ambiguity-sensitive decision makers. It demonstrates that unambiguous behavioral predictions can be obtained, even in the face of dynamic inconsistency, by taking the individual's preferences over decision trees, rather than acts, as primitive. In...
Persistent link: https://www.econbiz.de/10011691151