Chicken or Checkin'? Rational Learning in Repeated Chess Games
AbstractWe examine rational learning among expert chess players and how they update their beliefs in repeated games with the same opponent. We present a model that explains how equilibrium play is affected when players change their choice of strategy when receiving additional information from each encounter. We employ a large international panel dataset with controls for risk preferences and playing skills whereby the latter accounts for ability. Although expert chess players are intelligent, productive and equipped with adequate data and specialized computer programs, we find large learning effects. Moreover, as predicted by the model, risk-averse players learn substantially faster.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5862.
Length: 29 pages
Date of creation: Jul 2011
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Find related papers by JEL classification:
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-02 (All new papers)
- NEP-CBE-2011-08-02 (Cognitive & Behavioural Economics)
- NEP-EVO-2011-08-02 (Evolutionary Economics)
- NEP-GTH-2011-08-02 (Game Theory)
- NEP-MIC-2011-08-02 (Microeconomics)
- NEP-SPO-2011-08-02 (Sports & Economics)
- NEP-UPT-2011-08-02 (Utility Models & Prospect Theory)
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