We report two information cascade game experiments that directly test the impact of altruism on observational learning … substantial public information which increases the earnings of participants. In Experiment 2, participants have better … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning. …

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly … interact in social-learning settings with distinct information structures. In each round of interaction, they use their … behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each …

We study the influence of reason and intuition on decision making over time. Facing a sequence of similar problems …, agents can either decide rationally according to expected utility theory or intuitively according to case-based decision … theory. Rational decisions are more precise but create higher costs, though these costs may decrease over time. We find that …

The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … sentiment, defined as the degrees of excess optimism and pessimism that cannot be justified by the near-rational learning model …

The literature on learning in unknown environments emphasises reinforcing on actions which produce positive results …-temporally dependent. We then ran the same experiments but where individuals could observe the actions taken or the pay-offs obtained by …

behavior of others. This may lead to welfare-reducing 'overreactions' to public signals. We present an experiment based on a …

study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills … losses from high bids are more salient than in SPAs. Experience in FPAs causes substantial cross-game learning for … bid shading by cognitively more able participants, resulting in lower profits in FPAs. Thus, cross-game learning has the …

individual's intrinsic ability and on an external variable. We analyze the mistakes made by decision-makers who hold inaccurate … external factors if they fail. They are too easily dissatisfied with their environment, which leads them to experiment in … variable environments and revise their self-confidence over time. In contrast, underconfident decision-makers might be trapped …