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ability to that of character skills, and find that both cognition and personality affect behavior and learning. More agreeable … 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 …
Persistent link: https://www.econbiz.de/10010364492
decision heuristics. Central to our survey is the question under which conditions a complex macro-system of interacting agents …
Persistent link: https://www.econbiz.de/10011929804
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
"information cascade" in which later predictions match the early announcements. This paper reports an experiment in which private … two urns was used for the draws. If initial decisions coincide, then it is rational for subsequent decision makers to …
Persistent link: https://www.econbiz.de/10014059223
Persistent link: https://www.econbiz.de/10012660181
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
twelve 2 × 2 mixed strategy equilibria experiments. Case-based learning allows agents to explicitly incorporate information …We propose a framework in order to econometrically estimate case-based learning and apply it to empirical data from …-based learning to other learning models (reinforcement learning and self-tuned experience weighted attraction learning) while using …
Persistent link: https://www.econbiz.de/10012432206
equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment and find striking differences … different cognitive abilities learn differently, we estimate a structural model of learning based on level-k reasoning. We find … translates into better analytic reasoning and a better 'theory of mind.' …
Persistent link: https://www.econbiz.de/10014041000
-level reasoning in later rounds of the experiments. Participants display difficulties in transferring learning to unravel in a game … with two quality levels compared to a game with four quality levels. There is weak evidence for learning higher …
Persistent link: https://www.econbiz.de/10011811807
Recently there has been much theoretical and experimental work on learning in games. However, learning usually means … learning about the strategic behavior of opponents rather than learning about the game as such. In contrast, here we report on … an experiment designed to test whether players learn a) the relevant features of the payoff structure of a 2x2 game (e …
Persistent link: https://www.econbiz.de/10011539825