Showing 1 - 10 of 6,090
I experimentally investigate how vague language changes the nature of communication in a biased strategic information transmission game. Counterintuitively, when both precise and imprecise messages can be sent, in aggregate, senders are more accurate, and receivers trust them more than when only...
Persistent link: https://www.econbiz.de/10013367782
A learning rule is uncoupled if a player does not condition his strategy on the opponent's payoffs. It is radically …, radically uncoupled learning rules whose period-by-period behavior comes arbitrarily close to Nash equilibrium behavior in any …
Persistent link: https://www.econbiz.de/10011702986
We analyze boundedly rational learning in social networks within binary action environments. We establish how learning … induces learning (i.e., convergence to the optimal action for every agent in every connected network) only in highly … asymmetric environments. In all other environments learning fails in networks with a diameter larger than four. Finally, we …
Persistent link: https://www.econbiz.de/10012415665
Accounting for sample selection is a challenge not only for empirical researchers, but also for the agents populating our models. Yet most models abstract from these issues and assume that agents successfully tackle selection problems. We design an experiment where a person who understands...
Persistent link: https://www.econbiz.de/10011884425
Persistent link: https://www.econbiz.de/10011665731
We experimentally study how people form predictive models of simple data generating processes (DGPs), by showing subjects data sets and asking them to predict future outputs. We find that subjects: (i) often fail to predict in this task, indicating a failure to form a model, (ii) often cannot...
Persistent link: https://www.econbiz.de/10014496993
Persistent link: https://www.econbiz.de/10011417526
The author sets up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are...
Persistent link: https://www.econbiz.de/10012120029
Predictions under common knowledge of payoffs may differ from those under arbitrarily, but finitely, many orders of mutual knowledge; Rubinstein's (1989)Email game is a seminal example. Weinstein and Yildiz (2007) showed that the discontinuity in the example generalizes: for all types with...
Persistent link: https://www.econbiz.de/10012159030
This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...
Persistent link: https://www.econbiz.de/10010425055