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An Evaluation of Econometric Models of Adaptive Learning

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Author Info
Timothy C. Salmon

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Abstract

This paper evaluates the effectiveness of four econometric approaches intended to identify the learning rules being used by subjects in experiments with normal form games. This is done by simulating experimental data and then estimating the econometric models on the simulated data to determine if they can correctly identify the rule that was used to generate the data. The results show that all of the models examined possess difficulties in accurately distinguishing between the data generating processes. Copyright The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 69 (2001)
Issue (Month): 6 (November)
Pages: 1597-1628
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Handle: RePEc:ecm:emetrp:v:69:y:2001:i:6:p:1597-1628

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  1. Spiliopoulos, Leonidas, 2009. "Pattern recognition and subjective belief learning in repeated mixed strategy games," MPRA Paper 6666, University Library of Munich, Germany. [Downloadable!]
  2. Camerer, Colin & Hsia, David & Ho, Tech-Hua., 2000. "EWA Learning in Bilateral Call Markets," Working Papers 1098, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  3. Ido Erev & Alvin Roth & Robert Slonim & Greg Barron, 2007. "Learning and equilibrium as useful approximations: Accuracy of prediction on randomly selected constant sum games," Economic Theory, Springer, vol. 33(1), pages 29-51, October. [Downloadable!] (restricted)
  4. Jason Shachat & J. Todd Swarthout, 2003. "Learning about Learning in Games through Experimental Control of Strategic Interdependence," Experimental 0310003, EconWPA. [Downloadable!]
    Other versions:
  5. Wolf Ze'ev Ehrblatt & Kyle Hyndman & Erkut Y. ÄOzbay & Andrew Schotter, 2006. "Convergence: An Experimental Study," Levine's Working Paper Archive 122247000000001148, David K. Levine. [Downloadable!]
  6. Steven Scroggin, 2004. "Bounded Rationality in Randomization," University of California at San Diego, Economics Working Paper Series 2003-13, Department of Economics, UC San Diego. [Downloadable!]
  7. John Duffy, 2004. "Agent-Based Models and Human Subject Experiments," Computational Economics 0412001, EconWPA. [Downloadable!]
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  8. Gautam Goswami & Thomas H. Noe & Jun Wang, 2008. "Buying up the block: An experimental investigation of capturing economic rents through sequential negotiations," OFRC Working Papers Series 2008fe11, Oxford Financial Research Centre. [Downloadable!]
  9. Nathaniel T Wilcox, 2003. "Heterogeneity and Learning Principles," Levine's Bibliography 666156000000000435, UCLA Department of Economics. [Downloadable!]
  10. Andreas Blume & Douglas V. DeJong & George R. Neumann & N. E. Savin, 2002. "Learning and communication in sender-receiver games: an econometric investigation," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 17(3), pages 225-247. [Downloadable!]
  11. Colin Camerer & Teck Ho & Kuan Chong, 2003. "Models of Thinking, Learning, and Teaching in Games," American Economic Review, American Economic Association, vol. 93(2), pages 192-195, May. [Downloadable!]
  12. Ed Hopkins, 2004. "Two Competing Models of How People Learn in Games," ESE Discussion Papers 51, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
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  13. Alexander Matros, 2006. "Altruistic Versus Rational Behavior in a Public Good Game," Working Papers 309, University of Pittsburgh, Department of Economics, revised Sep 2008. [Downloadable!]
  14. Rutstrom, E. Elizabet & Wilcox, Nathaniel, 2008. "Stated versus inferred beliefs: A methodological inquiry and experimental test," MPRA Paper 11852, University Library of Munich, Germany. [Downloadable!]
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