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endogenously influence whether learning occurs through its policy choices (policy experimentation), future political competition … unilaterally, but faces competition from a political opponent in the future. Both parties care about voters payoffs, but they have … different beliefs about how policy choices will map into future economic outcomes. We show that when the incumbent party can …
Persistent link: https://www.econbiz.de/10013051379
Persistent link: https://www.econbiz.de/10010492079
Using belief elicitation, the paper investigates the formation and the evolution of beliefs in a signalling game in … which a common prior on Sender's type is not induced. Beliefs are elicited about the type of the Sender and about the … strategies of the players. The experimental subjects often start with diffuse uniform beliefs and update them in view of …
Persistent link: https://www.econbiz.de/10009535526
We study how subjects in an experiment use different forms of public information about their opponents' past behavior …
Persistent link: https://www.econbiz.de/10011437784
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
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 … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …
Persistent link: https://www.econbiz.de/10011590425
the prevalence of their own values and preferences when forming beliefs about others' values and preferences, depends on … the salience of own preferences. We manipulate salience by varying the order of elicitation of preferences and beliefs …
Persistent link: https://www.econbiz.de/10014233633
In this paper we use a laboratory setting to manipulate our subjects’ beliefs about the cognitive levels of the players … their beliefs about the level of others. Hence, a subject’s true cognitive level may be different than the one he exhibits …
Persistent link: https://www.econbiz.de/10014041049
multi-dimensional beliefs possible, we develop tools for studying learning under high-dimensional misspecified models. …' successes. In our model, both the agent's information and his beliefs are multi-dimensional, allowing us to study interactions … settings. Third, the agent's beliefs are subject to "bias substitution," whereby forces that decrease his bias regarding one …
Persistent link: https://www.econbiz.de/10014578270
Persistent link: https://www.econbiz.de/10010188989