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I study the path properties of adaptive heuristics that mimic the natural dynamics of play in a game and converge to the set of correlated equilibria. Despite their apparent differences, I show that these heuristics have an abstract representation as a sequence of probability distributions that...
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Using belief elicitation, the paper investigates the formation and the evolution of beliefs in a signalling game in which a common prior on Sender's type is not induced. Beliefs are elicited about the type of the Sender and about the strategies of the players. The experimental subjects often...
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This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...
Persistent link: https://www.econbiz.de/10011929804
We experimentally implement a dynamic public-good problem, where the public good in question is the dynamically evolving information about agents' common state of the world. Subjects' behavior is consistent with free-riding because of strategic concerns. We also find that subjects adopt more...
Persistent link: https://www.econbiz.de/10012598548
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
the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our …
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