Learning in real life is based on different processes. Humans learn to a certain extent from their own experience but also learn by observing what non directly related others have done. In this paper we propose a generalized payoff assessment learning (GPAL) model which enables us to evaluate...

We propose a novel approach to the modelling of second-price Maximum-Value auctions that assumes no belief about others' behavior and no expected profit maximization. This individual decision-making model, naïve Impulse Balance Equilibrium or nIBE, deals with bidders' anticipated regrets from...