Showing 1 - 10 of 299
The standard framework for analyzing games with incomplete information models players as if they have an infinite depth of reasoning, which is not always consistent with experimental evidence. This paper generalizes the type spaces of Harsanyi (1967-1968) so that players can have a finite depth...
Persistent link: https://www.econbiz.de/10009782099
We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a sequence of players receives an informative but imperfect signal of the once-and-for-all realization of an unobserved state. The state affects all players' preferences over present...
Persistent link: https://www.econbiz.de/10014220427
We exhibit a natural environment, social learning among heterogeneous agents, where even slight misperceptions can have a large negative impact on long-run learning outcomes. We consider a population of agents who obtain information about the state of the world both from initial private signals...
Persistent link: https://www.econbiz.de/10014101225
We study to what extent information aggregation in social learning environments is robust to slight misperceptions of others' characteristics (e.g., tastes or risk attitudes). We consider a population of agents who obtain information about the state of the world both from initial private signals...
Persistent link: https://www.econbiz.de/10012894854
We study settings in which, prior to playing an incomplete information game, players observe many draws of private signals about the state from some information structure. Signals are i.i.d. across draws, but may display arbitrary correlation across players. For each information structure, we...
Persistent link: https://www.econbiz.de/10013215438
Various disciplines increasingly are discovering the power of learning. However, the potential and the complexities of learning theory in decision making contexts have so far been neglected by scholarship in Law and Economics as well as Behavioral Law and Economics: either learning is...
Persistent link: https://www.econbiz.de/10012934826
Persistent link: https://www.econbiz.de/10001976306
We model a simple dynamic process in which boundedly rational agents learn through their interactions with others. Of interest is to study the process of contagion where by one action 'spreads throughout the population' and becomes conventional. We vary the network of player interaction between...
Persistent link: https://www.econbiz.de/10002435020
Does playing a game in class improve students' ability to analyze the game using game theory? We report results from an experimental design which allows us to test a series of related hypotheses. We fail to find support for the conjectured learning-enhancing effects and discuss what lessons can...
Persistent link: https://www.econbiz.de/10014186422
This paper aspires to fill a conspicuous gap in the literature regarding learning in games — the absence of empirical verification of learning rules involving pattern recognition. Weighted fictitious play is extended to detect two-period patterns in opponents’ behavior and to comply with the...
Persistent link: https://www.econbiz.de/10014052195