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opponents" rather than "learning about the game" as such. Here we test in an experiment whether players in a repeated encounter …Recently there has been much work on learning in games. However, learning usually means "learning about behavior of …
Persistent link: https://www.econbiz.de/10014136483
I examine the generalizability of a broad range of prominent learning models in explaining contribution patterns in … learning models in terms of how accurately they describe individuals' round-by-round choices. The experimental data are split … game strategies. Both ex-post descriptive fit of learning models and their ex-ante predictive accuracy are examined. The …
Persistent link: https://www.econbiz.de/10012911924
This study examines how each player chooses her/his optimal action in "normal-form games with unawareness" by applying a "discovery process" to them. We show that if each player implements a best response to the opponents' immediately preceding plays, then any discovery process converges to a...
Persistent link: https://www.econbiz.de/10013237214
forces of (a) learning about the benefits of reputation, and (b) learning about backward unraveling. We find, inter alia …
Persistent link: https://www.econbiz.de/10013076291
and neighbors’ successes. In equilibrium, private discovery is followed by social diffusion. Social learning crowds out …-best benchmark level at intermediate levels that achieve a balance between discovery and diffusion. We also show how learning and …
Persistent link: https://www.econbiz.de/10014237255
We report experiments designed to test between Nash equilibria that are stable and unstable under learning. The “TASP … equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a …
Persistent link: https://www.econbiz.de/10003921539
high steady states are expectationally stable (E-stable), and thus locally stable under learning, while the middle steady …
Persistent link: https://www.econbiz.de/10009746578
This paper studies strongly symmetric equilibria (SSE) in continuous-time games of strategic experimentation with Poisson bandits. SSE payoffs can be studied via two functional equations similar to the HJB equation used for Markov equilibria. This is valuable for three reasons. First, these...
Persistent link: https://www.econbiz.de/10010402918
pessimistic beliefs, even the worst asymmetric equilibrium is more efficient than the symmetric one. In equilibria where players …
Persistent link: https://www.econbiz.de/10011410236
learning as a two-armed bandit problem and highlight the interaction between learning (experimentation) and production. We …
Persistent link: https://www.econbiz.de/10011926023