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of agents who learn which frames to use through reinforcement. As a case study we fit the model to existing experimental … suggests a trade-off of using coarser versus finer representations of the strategy set when it comes to learning. …
Persistent link: https://www.econbiz.de/10012608716
of agents who learn which frames to use through reinforcement. As a case study we fit the model to existing experimental … suggests a trade-off of using coarser versus finer representations of the strategy set when it comes to learning. …
Persistent link: https://www.econbiz.de/10012602347
This paper reports an experiment on a location game, the so-called "Price-Competition on the Circle." There are n … willingness to pay. Experiments, extended over 200 periods, were run with 3, 4, and 5 participants. Subjects did not receive any … after each period. The evaluation compares predictions derived from imitation equilibrium (Selten and Ostmann 2001) and …
Persistent link: https://www.econbiz.de/10010270575
Persistent link: https://www.econbiz.de/10015204587
Persistent link: https://www.econbiz.de/10003230734
play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those … and that all learning algorithms are subject to exploitation with the notable exception of imitation. The experiment was …We use an experiment to explore how subjects learn to play against computers which are programmed to follow one of a …
Persistent link: https://www.econbiz.de/10003185745
Persistent link: https://www.econbiz.de/10013443270
We study the impact of advice or observation on the depth of reasoning in an experimental beauty-contest game. Both sources of information trigger faster convergence to the equilibrium. Yet, we find that subjects who receive naïve advice outperform uninformed subjects permanently, whereas...
Persistent link: https://www.econbiz.de/10011350357
In this paper, we experimentally investigate the extended game with observable delay of Hamilton and Slutsky (Games Econ. Beh., 1990). Firms bindingly announce a production period (one out of two periods) and then they produce in the announced sequence. Theory predicts simultaneous production in...
Persistent link: https://www.econbiz.de/10014063853
We present a formal model of symmetric n-firm Cournot oligopoly with a heterogeneous population of profit optimizers and imitators. Imitators mimic the output decision of the most successful firms of the previous round a la Vega-Redondo (1997). Optimizers play myopic best response to the...
Persistent link: https://www.econbiz.de/10010276582