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Abstract

Adaptive learning models that have been tested against experimental data typically share two features: (i) initial attractions (or beliefs) are given exogenously, and (ii) learning is based on the performance of stage-game actions rather than repeated game strategies. We develop a model of learning which endogenizes initial attractions and allows for the learning of repeated game strategies. Learning occurs in two phases. In an initial long-run `pre-experimental' phase, we allow players to explore a complete set of repeated game strategies that satisfy a complexity constraint. The limiting attractions from the first phase are then used as initial attractions in the second, short-run phase, which can be tested against experimental data. We find that, relative to existing adaptive models, we are better able to account for the behavior of subjects in environments where fairness and reciprocity appear to play a significant role.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 56 (2005)
Issue (Month): 4 (April)
Pages: 523-542

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Handle: RePEc:eee:jeborg:v:56:y:2005:i:4:p:523-542

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Web page: http://www.elsevier.com/locate/jebo

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Find related papers by JEL classification:

• C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
• D8 - Microeconomics - - Information, Knowledge, and Uncertainty

References

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Cited by:

1. Josephson, Jens, 2001. "A Numerical Analysis of the Evolutionary Stability of Learning Rules," Working Paper Series in Economics and Finance 474, Stockholm School of Economics.
   
   • Josephson, Jens, 2008. "A numerical analysis of the evolutionary stability of learning rules," Journal of Economic Dynamics and Control, Elsevier, vol. 32(5), pages 1569-1599, May.
2. Golosnoy, Vasyl & Okhrin, Yarema, 2008. "General uncertainty in portfolio selection: A case-based decision approach," Journal of Economic Behavior & Organization, Elsevier, vol. 67(3-4), pages 718-734, September.
3. Christos A. Ioannou & Julian Romero, 2012. "Strategic Learning With Finite Automata Via The EWA-Lite Model," Purdue University Economics Working Papers 1269, Purdue University, Department of Economics.
4. Nobuyuki Hanaki, 2005. "Individual and Social Learning," Computational Economics, Society for Computational Economics, vol. 26(3), pages 31-50, November.
   
   • Nobuyuki Hanaki, 2007. "Individual and Social Learning," Computational Economics, Society for Computational Economics, vol. 29(3), pages 421-421, May.
5. Arifovic, Jasmina & Ledyard, John, 2011. "A behavioral model for mechanism design: Individual evolutionary learning," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 374-395, May.
6. Arifovic, Jasmina & McKelvey, Richard D. & Pevnitskaya, Svetlana, 2006. "An initial implementation of the Turing tournament to learning in repeated two-person games," Games and Economic Behavior, Elsevier, vol. 57(1), pages 93-122, October.

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