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Experience-weighted attraction learning in sender-receiver signaling games

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  • Christopher M. Anderson

    ()
    (Division of Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA)

  • Colin F. Camerer

    ()
    (Division of Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA)

Abstract

We apply Camerer and Ho's experience-weighted attraction (EWA) model of learning to extensive-form signaling games. Since these games often have many equilibria, logical `refinements' have been used to predict which equilibrium will occur. Brandts and Holt conjectured that belief formation could lead to less refined equilibria, and confirmed their conjecture experimentally. Our adaptation of EWA to signaling games includes a formalization of the Brandts-Holt belief formation idea as a special case. We find that the Brandts-Holt dynamic captures the direction of switching from one strategy to another, but does not capture the rate at which switching occurs. EWA does better at predicting the rate of switching (and also forecasts better than reinforcement models). Extensions of EWA which update unchosen signals by different functions of the set of unobserved foregone payoffs further improve predictive accuracy.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 16 (2000)
Issue (Month): 3 ()
Pages: 689-718

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Handle: RePEc:spr:joecth:v:16:y:2000:i:3:p:689-718

Note: Received: April 26, 1999; revised version: April 25, 2000
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Related research

Keywords: Learning; Game theory experiments; Signaling games; Equilibrium refinement.;

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Cited by:
  1. Michalis Drouvelis & Wieland Muller & Alex Possajennikov, 2009. "Signaling Without Common Prior: An Experiment," Discussion Papers 09/08, Department of Economics, University of York.
  2. John Duffy & Ed Hopkins, 2004. "Learning, Information and Sorting in Market Entry Games: Theory and Evidence," ESE Discussion Papers 78, Edinburgh School of Economics, University of Edinburgh.
  3. Drouvelis, Michalis & Müller, Wieland & Possajennikov, Alex, 2012. "Signaling without a common prior: Results on experimental equilibrium selection," Games and Economic Behavior, Elsevier, vol. 74(1), pages 102-119.
  4. Floris Heukelom, 2007. "Who are the Behavioral Economists and what do they say?," Tinbergen Institute Discussion Papers 07-020/1, Tinbergen Institute.
  5. Floris Heukelom, 2007. "Who are the Behavioral Economists and what do they say?," Tinbergen Institute Discussion Papers 07-020/1, Tinbergen Institute.

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