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The paper reports an experimental study based on a variant of the popular Chinos game, which is used as a simple but paradigmatic instance of observational learning. There are three players, arranged in sequence, each of whom wins a fixed price if she manages to guess the total number of coins...
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Morton and Wecker (1977) stated that the value iteration algorithm solves a dynamic program's policy function faster than its value function when the limiting Markov chain is ergodic. I show that their proof is incomplete, and provide a new proof of this classic result. I use this result to...
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We develop a minimum distance estimator for dynamic games of incomplete information. We take a two-step approach, following Hotz and Miller (1993), based on the pseudo-model that does not solve the dynamic equilibrium so as to circumvent the potential indeterminacy issues associated with...
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7. The simulation of an extended payoff sum learning model closely fits the main results of the statistical evaluation …
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, enlightened selfish agents and ethically motivated agents. I use a simple agent-based simulation approach that incorporates type …
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. -- American Exchange options ; game theory ; Montecarlo simulation ; R&D ; information revelation …The real option theory provides a useful tool to evaluate an R&D investment under uncertainty because, unlike the NPV …
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