Showing 1 - 10 of 14
games offer new opportunities to identify learning rules, since on networks (compared to e.g. random matching) more rules … participants choose and which information they consult before making their choices. We use this information to estimate learning … types using maximum likelihood methods. There is substantial heterogeneity in learning types. However, the vast majority of …
Persistent link: https://www.econbiz.de/10011145661
This paper studies the learning process carried out by two agents who are involved in many games. As distinguishing all …. Partitions of higher cardinality are more costly. A process of simultaneous learning of actions and partitions is presented and … equilibrium partitions and action choices characterized. Learning across games can destabilize strict Nash equilibria even for …
Persistent link: https://www.econbiz.de/10011049900
We conduct a laboratory experiment and provide evidence of learning spillovers within and across equivalence classes of … “structurally similar” games. These spillovers are inconsistent with existing theories of learning in games. …
Persistent link: https://www.econbiz.de/10011116220
matched to interact in finitely repeated games. They form beliefs by learning from past behavior of others and then best …
Persistent link: https://www.econbiz.de/10011116889
there are learning spillovers across games but participants learn to play strategically equivalent games in the same way …
Persistent link: https://www.econbiz.de/10010594319
policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …
Persistent link: https://www.econbiz.de/10010958612
A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an...
Persistent link: https://www.econbiz.de/10005791794
policy-makers' preferences, and rely on a perpetual learning technology to form expectations. We find that with learning … from those implied by rational expectations, even at long horizons. The presence of learning increases the sensitivity of … the policy-maker. In contrast, under learning, private inflation expectations follow a time-varying process and provide …
Persistent link: https://www.econbiz.de/10005124304
about the true structure of the economy. Private agents rely on an adaptive learning technology to form expectations and … learning and misperceptions of natural rates call for more aggressive responses to inflation that would be optimal under … potential misspecification of private sector learning and the magnitude of variation in natural rates. …
Persistent link: https://www.econbiz.de/10005132680
The central tenet of inflation targeting is the anchoring of inflation expectations. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an imperfect understanding of the macroeconomic...
Persistent link: https://www.econbiz.de/10005342919