Showing 1 - 10 of 77
This paper shows how to maximize revenue when a contest is noisy. We consider a case where two or more contestants bid for a prize in a stochastic contest where all bidders value the prize equally. We show that, whenever a Tullock contest yields under-dissipation, the auctioneerʼs revenue can...
Persistent link: https://www.econbiz.de/10011049893
Researchers have demonstrated that the presence of people with social preferences has important economic implications. However, the empirical basis of this research relies to a large extent on experiments that do not provide anonymity between experimenter and subject. It has been argued that...
Persistent link: https://www.econbiz.de/10010577246
We experimentally investigate reference group formation and the impact of social comparisons in a three-player ultimatum game. The players compete in a real-effort task for the role of the proposer. The role of the responder is randomly allocated to one of the other two participants. The third...
Persistent link: https://www.econbiz.de/10010662455
This paper aspires to fill a conspicuous gap in the literature regarding learning in games—the absence of empirical … verification of learning rules involving pattern recognition. Weighted fictitious play is extended to detect two-period patterns in … adequately represent the complete learning process of game players. Additionally, standard weighted fictitious play models are …
Persistent link: https://www.econbiz.de/10011049668
In this paper, we introduce two new learning models: action-sampling learning and impulse-matching learning. These two … models, together with the models of self-tuning EWA and reinforcement learning, are applied to 12 different 2×2 games and … are two-fold: while the simulations with impulse-matching and action-sampling learning successfully replicate the …
Persistent link: https://www.econbiz.de/10011049672
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
Belief models capable of detecting 2- to 5-period patterns in repeated games by matching the current historical context to similar realizations of past play are presented. The models are implemented in a cognitive framework, ACT-R, and vary in how they implement similarity-based...
Persistent link: https://www.econbiz.de/10011049875
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
We advance the measurement of trust in economics in two ways. First, we highlight the importance of clearly identifying the target of trust, particularly for obtaining concordance between attitudinal and behavioral measures of trust. Second, we introduce a novel behavioral measure of (dis)trust,...
Persistent link: https://www.econbiz.de/10011049788