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Does Observation Influence Learning?

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Author Info
Olivier Armantier ()

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Abstract

A common value auction experiment is run to compare the relative influence of observation and experience on learning. It is shown that the ex-post observation of opponents' actions and payoffs homogenizes behavior and accelerates learning toward the Nash equilibrium. Besides, experiential and observational learning are both relevant and of comparable magnitude. A general reinforcement model for continuous strategies, encompassing choice reinforcement learning, direction learning and payoff dependent imitation, performs well in explaining the experimental data and it dominates competing models such as the reinforcement of best response strategies.

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Paper provided by SUNY-Stony Brook, Department of Economics in its series Department of Economics Working Papers with number 01-04.

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Handle: RePEc:nys:sunysb:01-04

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Find related papers by JEL classification:
C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Estimation
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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  1. Alan Mehlenbacher, 2007. "Multiagent System Platform for Auction Simulations," Department Discussion Papers 0706, Department of Economics, University of Victoria. [Downloadable!]
  2. Dennis A. V. Dittrich & Werner Güth & Martin Kocher & Paul Pezanis-Christou, . "Loss aversion and learning to bid," Discussion Papers on Strategic Interaction 2005-03, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
  3. Guillaume R. Fréchette, 2006. "Session Effects in the Laboratory," CIRANO Working Papers 2006s-21, CIRANO. [Downloadable!]
  4. Olivier Armantier, 2006. "Do Wealth Differences Affect Fairness Considerations?," CIRANO Working Papers 2006s-13, CIRANO. [Downloadable!]
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  5. Olivier Armantier, . "Does Wealth Affect Fairness Considerations?," Department of Economics Working Papers 01-05, SUNY-Stony Brook, Department of Economics. [Downloadable!]
  6. Marco Casari & John C. Ham & John H. Kagel, 2005. "Selection bias, demographic effects, and ability effects in common value auction experiments," Staff Reports 213, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
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