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We investigate learning and the development of the capability to backward induct in children and young adults aged 6 to … differences in learning between age groups and across gender. …
Persistent link: https://www.econbiz.de/10010287359
equilibrium of the game does not organize the individual data, two individual learning models are studied: one following a … predictive value of such learning models is found to be poor. …
Persistent link: https://www.econbiz.de/10010317639
Adaptive learning and punishment are highly prominent competing explanations for ultimatum game behavior. We report on … way. Our data exhibits patterns for which punishment can account but learning by itself cannot. Initial play varies …
Persistent link: https://www.econbiz.de/10004968239
equilibrium of the game does not organize the individual data, two individual learning models are studied: one following a … predictive value of such learning models is found to be poor. …
Persistent link: https://www.econbiz.de/10004968350
number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious … 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 …
Persistent link: https://www.econbiz.de/10004968388
Economic theory has evolved without paying proper attention to behavioral approaches, especially to social, economic, and cognitive psychology. This has recently changed by including behavioral economics courses in many doctoral study programs. Although this new development is most welcome, the...
Persistent link: https://www.econbiz.de/10004970286
Economics has devoted little attention so far as to whether the type of decision maker matters for economic decisions. However, many important decisions like those on monetary policy or a company's business strategy are made by (small) groups rather than an individual. We compare behaviour of...
Persistent link: https://www.econbiz.de/10005765178
number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious … 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 …
Persistent link: https://www.econbiz.de/10005785934
estimated EWA learning models which suffered from overfitting. Subjects modified their strategies in the direction of better … response as calculated from CA simulations of various learning models, albeit not perfectly. Examples include the observation …
Persistent link: https://www.econbiz.de/10005789888
Consumer prices in many markets are persistently dispersed both across retail outlets and over time. While the cross sectional distribution of prices is stable, individual stores change their position in the distribution over time. It is a challenge to model oligopolistic price adjustment to...
Persistent link: https://www.econbiz.de/10005772961