We examine in controlled experiments how individuals make choices when faced withmultiple options. The choice tasks mimic the selection of health insurance, prescriptiondrug, or retirement savings plans. However, in our experiment, the available options canbe objectively ranked. We ¯nd that the...

Using controlled experiments, we examine how individuals make choices when faced with multiple options. Choice tasks are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment, available options can be objectively ranked allowing us...

While many learning models have been proposed in the game theoretic literature to track individuals' behavior, surprisingly little research has focused on how well these models describe human adaptation in changing dynamic environments. This paper evaluates several learning models in light of a...