Blume, A. () (University of Iowa) DeJong, D.V. () (University of Iowa) Neumann, G.R. () (University of Iowa) Savin, N.E. (University of Iowa)
Abstract
Stimulus-response (SR) and belief-based learning (BBL) models are estimated with experimental data from sender-receiver games and compared using the Davidson and MacKinnon P-test for non-nested hypotheses. Depending on a certain adjustment parameter, the P-test favors the SR model, the BBL model or neither of the models. Following Camerer and Ho, the models are also compared to a hybrid model that incorporates a mixture of both types of learning. The hybrid model is frequently not significantly better than either the SR or the BBL model. The sensitivity of the results to observations taken after learning has ceased is investigated.
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Publisher Info
Paper provided by University of Iowa, Department of Economics in its series Working Papers with number
98-02.
Length: 36 Pages Date of creation: Jan 1998 Date of revision: Handle: RePEc:uia:iowaec:98-02
Contact details of provider: Postal: University of Iowa, Department of Economics, Henry B. Tippie College of Business, Iowa City, Iowa 52242 Phone: (319) 335-0829 Fax: (319) 335-1956 Web page: http://tippie.uiowa.edu/economics/ More information through EDIRC
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Find related papers by JEL classification: C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior