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We use an experiment to explore how subjects learn to play against computers which are programmed to follow one of a number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious play, imitation, reinforcement learning, and a trial...
Persistent link: https://www.econbiz.de/10003379095
We introduce a generalized theoretical approach to study imitation and subject it to rigorous experimental testing. In our theoretical analysis we find that the different predictions of previous imitation models are due to different informational assumptions, not to different behavioral rules....
Persistent link: https://www.econbiz.de/10003023525
Interpersonal trust (i.e. trust in other people) is an issue of high interest to both policy-makers and researchers … seeking to understand what drives social and economic outcomes. However, for trust to usefully inform policy and analysis it … trust and other social and economic outcomes, evidence on the validity of trust from experimental data is conflicting. In …
Persistent link: https://www.econbiz.de/10011821950
Persistent link: https://www.econbiz.de/10003901297
feel included in society and to trust their government. This paper explains how careful design of rocedures in the … unfair process is discovered. Findings of this paper feed into OECD work on trust, open government and stakeholder engagement. …
Persistent link: https://www.econbiz.de/10011732387
This paper produces new evidence and stylised facts on housing, wealth accumulation and wealth distribution, relying on an in-depth analysis of micro-based data on household wealth across OECD countries. The analysis addresses several questions: i) How is homeownership and housing tenure...
Persistent link: https://www.econbiz.de/10012202943
Persistent link: https://www.econbiz.de/10011455761
This paper describes a method for parameterising fan charts around GDP growth forecasts of the major OECD economies as well as the aggregate OECD. The degree of uncertainty – reflecting the overall spread of the fan chart – is based on past forecast errors, but the skew – reflecting...
Persistent link: https://www.econbiz.de/10011995776
Fan charts were pioneered by the Bank of England and Riksbank and provide a visually appealing means to convey the uncertainty surrounding a forecast. This paper describes a method for parameterising fan charts around GDP growth forecasts by which the degree of uncertainty is based on past...
Persistent link: https://www.econbiz.de/10011998487
Macroeconomic forecasters typically forecast fewer recessions than the number experienced, which means economic growth tends to be over-predicted on average. Consequently, forecast errors are not normally distributed, making it difficult to convey the uncertainty and risks based on the...
Persistent link: https://www.econbiz.de/10011998489