Evaluating Case-based Decision Theory: Predicting Empirical Patterns of Human Classification Learning (Extensions)
AbstractWe introduce a computer program which calculates an agent’s optimal behavior according to Case-based Decision Theory (Gilboa and Schmeidler, 1995) and use it to test CBDT against a benchmark set of problems from the psychological literature on human classification learning (Shepard et al., 1961). This allows us to evaluate the efficacy of CBDT as an account of human decision-making on this set of problems. We find: (1) The choice behavior of this program (and therefore Case-based Decision Theory) correctly predicts the empirically observed relative difficulty of problems and speed of learning in human data. (2) ‘Similarity’ (how CBDT decision makers extrapolate from memory) is decreasing in vector distance, consistent with evidence in psychology (Shepard, 1987). (3) The best-fitting parameters suggest humans aspire to an 80 − 85% success rate, and humans may increase their aspiration level during the experiment. (4) Average similarity is rejected in favor of additive similarity.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 45206.
Date of creation: 18 Mar 2013
Date of revision:
Case-based Decision Theory; Human Cognition; Learning; Agent-based Computational Economics; Psychology; Cognitive Science;
Find related papers by JEL classification:
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-23 (All new papers)
- NEP-CBE-2013-03-23 (Cognitive & Behavioural Economics)
- NEP-CMP-2013-03-23 (Computational Economics)
- NEP-EXP-2013-03-23 (Experimental Economics)
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