Showing 1 - 10 of 122
learning. In repeat-choice situations, such learning brings value. If probabilities appear favorable (unfavorable), a choice …, decision makers often prove to be blind to the learning opportunities offered by uncertain probabilities. They forgo …, many make choices contrary to learning. Priming with optimal strategies offers little improvement. Such decision makers …
Persistent link: https://www.econbiz.de/10011049682
How do people learn? We assess, in a model-free manner, subjectsʼ belief dynamics in a two-armed bandit learning … unsuccessful choices, than “update up” following successful choices. The profits from following the estimated learning and decision …-rational Bayesian learning model, but comparable to the profits from alternative non-Bayesian learning models, including reinforcement …
Persistent link: https://www.econbiz.de/10011049849
Rule learning posits that decision makers, rather than choosing over actions, choose over behavioral rules with …. Past works on rule learning have shown that when playing a single game over a number of rounds, players can learn to form … sophisticated beliefs about others. Here we are interested in learning that occurs between games where the set of actions is not …
Persistent link: https://www.econbiz.de/10010597534
information games of varying complexity. We call this discovery experience Eureka Learning. We use a change-point analysis to …
Persistent link: https://www.econbiz.de/10010662454
We present a striking example of the deconstruction and reconstruction of an anomaly. In line with previous experiments we show in a one-shot setting that the allegedly robust false consensus effect disappears if representative information is readily available. But the effect reappears if a...
Persistent link: https://www.econbiz.de/10011049673
The rapid growth of online retail in the last decade has led to widespread use of consumer-generated ratings. This paper theoretically and experimentally identifies influences that drive consumers to rate products and examines how those factors can create distortions in product ratings. By...
Persistent link: https://www.econbiz.de/10011049716
coordination: a learning effect (early decisions reveal information) and a complementarity effect (early decisions eliminate … strategic uncertainty for late movers). The experiments that we conduct to test these theoretical results show that the learning …
Persistent link: https://www.econbiz.de/10011049850
We investigate gender differences and menstrual cycle effects in first-price and second-price sealed-bid auctions with independent private values in a laboratory setting. We find that women bid significantly higher and earn significantly less than men do in the first-price auction, while we find...
Persistent link: https://www.econbiz.de/10011049904
We experimentally investigate the fundamental element of the level-k model of reasoning, the level-0 actions and beliefs. We use data from a novel experimental design that allows us to obtain incentivised written accounts of individuals' reasoning. In particular, these accounts allow to infer...
Persistent link: https://www.econbiz.de/10010753429
An apology is a strong and cheap device to restore social or economic relationships that have been disturbed. In a laboratory experiment in which apologies emerge endogenously, we find that harmdoers use apologies in particular if they fear punishment and if their intentions cannot be easily...
Persistent link: https://www.econbiz.de/10010719487