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We use a limited information environment to mimic the state of confusion in an experimental, repeated public goods game …. The results show that reinforcement learning leads to dynamics similar to those observed in standard public goods games … explained by reinforcement learning. According to our estimates, learning only accounts for 41 percent of the decay in …
Persistent link: https://www.econbiz.de/10011343917
Persistent link: https://www.econbiz.de/10010253579
The black box method was developed as an "asocial control" to allow for payoff-based learning while eliminating social … participants can unwittingly affect the learning of other participants. Here, we test a solution to this problem in a range of … no significant differences in rates of learning between the original and the computerised black box, therefore either …
Persistent link: https://www.econbiz.de/10014418156
disagreement regardless of cognitive ability. Learning about the state of the world has little effect on the evolution of perceived …
Persistent link: https://www.econbiz.de/10014477417
of Player 2. We say that beliefs exhibit higher-order learning if the beliefs of Player k about the beliefs of Player k-1 …, higher-order learning fails even after a large number of signals is observed. We argue that this result is driven by base …-rate neglect, heterogeneity in updating processes, and subjects' failure to correctly take learning rules of others into account …
Persistent link: https://www.econbiz.de/10013219936
disagreement regardless of cognitive ability. Learning about the state of the world has little effect on the evolution of perceived …
Persistent link: https://www.econbiz.de/10014263425
learning process of purely and impurely altruistic agents and find that in both cases the contribution level converges towards … corresponds to findings from experiments on voluntary contribution to a public good. Crucial determinants of the learning process …
Persistent link: https://www.econbiz.de/10011525818
This paper studies a game of strategic experimentation with two-armed bandits whose risky arm might yield a payoff only after some exponentially distributed random time. Because of free-riding, there is an inefficiently low level of experimentation in any equilibrium where the players use...
Persistent link: https://www.econbiz.de/10010440933
, simple payoff-based learning rules eventually lead to equilibrium. Such rules have previously been documented for some forms … laboratory setting and finds strong confirmation for key features of payoff-based learning that distinguish it from classical …
Persistent link: https://www.econbiz.de/10013014874
There are many important decision problems where learning through experimentation is costly or impossible. In these …. In this paper, we design an investment game which allows us to study the influence of selection when learning from others …
Persistent link: https://www.econbiz.de/10011982107