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of agents who learn which frames to use through reinforcement. As a case study we fit the model to existing experimental … suggests a trade-off of using coarser versus finer representations of the strategy set when it comes to learning. …
Persistent link: https://www.econbiz.de/10012608716
of agents who learn which frames to use through reinforcement. As a case study we fit the model to existing experimental … suggests a trade-off of using coarser versus finer representations of the strategy set when it comes to learning. …
Persistent link: https://www.econbiz.de/10012602347
dictator game. In our experiment teams are more selfish than individuals, and the most selfish team member has the strongest …
Persistent link: https://www.econbiz.de/10011349704
of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment … understand better how subjects with different cognitive abilities learn differently, we estimate a structural model of learning … ability to that of character skills, and find that both cognition and personality affect behavior and learning. More agreeable …
Persistent link: https://www.econbiz.de/10010364492
JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …
Persistent link: https://www.econbiz.de/10011590425
This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...
Persistent link: https://www.econbiz.de/10011929804
's choices. I report the results from a series of experiments on p-beauty contest games with different subjects' pools and … different information treatments. In experiments 2, 3 and 4, the winner(s) explained what reasoning he/she applied in choosing … produce a strong acceleration of the learning process …
Persistent link: https://www.econbiz.de/10014067238
The standard approach to nominal illusion in Economics sees it as a transitory phenomenon, as economic agents eventually see through the nominal veil, making the right choices. Recent empirical studies suggest that money illusion may persist, distorting real prices in a variety of economic...
Persistent link: https://www.econbiz.de/10012694352
psychology experiments where subjects were often swayed by the behaviour of others to an extraordinary degree, but there is …
Persistent link: https://www.econbiz.de/10010357371
In experimental games, a substantial minority of players often fail to best respond. Using two-person 3x3 one-shot games, we investigated whether 'structuring' the pre-decision deliberation process produces greater consistency between individuals' stated values and beliefs on the one hand and...
Persistent link: https://www.econbiz.de/10012131659