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decision heuristics. Central to our survey is the question under which conditions a complex macro-system of interacting agents … and heuristics switching models match this observed micro and macro behaviour surprisingly well. We also discuss policy …
Persistent link: https://www.econbiz.de/10011929804
financial traders individually learn how to use forecasting and/or trading anchor-and-adjustment heuristics by updating them …
Persistent link: https://www.econbiz.de/10012894616
financial traders individually learn how to use forecasting and/or trading anchor-and-adjustment heuristics by updating them …
Persistent link: https://www.econbiz.de/10011956452
models accurately predict behavior. A further objective is to determine which heuristics, or rules of thumb, when …
Persistent link: https://www.econbiz.de/10014087918
This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one hierarchy of types. Iterated best responses that are based on uninformative level-0 play lead to the following of the private information (level-1), to the following of the majority...
Persistent link: https://www.econbiz.de/10011490245
We study experimentally whether heterogeneity of behavior in the Centipede game can be interpreted as the result of a learning process of individuals with different preference types (more and less pro-social) and coarse information regarding the opponent's past behavior. We manipulate the...
Persistent link: https://www.econbiz.de/10011326679
We study experimentally whether heterogeneity of behavior in the Centipede game can be interpreted as the result of a learning process of individuals with different preference types (more and less pro-social) and coarse information regarding the opponent's past behavior. We manipulate the...
Persistent link: https://www.econbiz.de/10013014085
This work challenges the very notion of bounded rationality as dangerously too near to some "unbounded rationality" used as a benchmark. Should we assume that there is an "unbounded" rationality as a benchmark? Should one start, in order to describe and interpret human behaviour, from a model...
Persistent link: https://www.econbiz.de/10011894288
suggest that fast and frugal robust heuristics are not a second-best option: rather they are "rational" in macroeconomic …
Persistent link: https://www.econbiz.de/10011763035
Persistent link: https://www.econbiz.de/10011806183