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Learning in Economics: Where Do We Stand?

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Author Info
Tilman Slembeck (University of St.Gallen)

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Abstract

This paper briefly reviews the current literature on learning in economics from a behavioral point of view. It critically compares theory with aspects of learning in real-life and with evidence from laboratory experiments, and argues that most customary approaches lack criteria for their applicability. Hence, there is a need for a theory that includes criteria when to employ which theory or which element(s) of existing theories contingent on the situation or environment in question. A discussion of several unsolved issues in economic learning stresses the fundamental role of learning conditions that have be neglected in the literature, but are accounted for in behavioral approaches such as "contingent learning".

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File URL: http://129.3.20.41/eps/mic/papers/0004/0004007.pdf
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Publisher Info
Paper provided by EconWPA in its series Microeconomics with number 0004007.

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Length: 22 pages
Date of creation: 05 Jul 2000
Date of revision:
Handle: RePEc:wpa:wuwpmi:0004007

Note: Type of Document - PDF; prepared on IBM PC; to print on HP/PostScript/; pages: 22 ; figures: included. Discussion Paper No. 9907, Department of Economics, University of St.Gallen, August 1999, downloads at http://www.fgn.unisg.ch/public/public.htm
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Related research
Keywords: economic learning; behavioral economics; experiments; game theory; information feedback; contingent learning;

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Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C9 - Mathematical and Quantitative Methods - - Design of Experiments
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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    Other versions:
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    Other versions:
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    Other versions:
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    Other versions:
  19. Avery, Christopher & Zemsky, Peter, 1998. "Multidimensional Uncertainty and Herd Behavior in Financial Markets," American Economic Review, American Economic Association, vol. 88(4), pages 724-48, September. [Downloadable!] (restricted)
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    Other versions:
  23. Selten, Reinhard & Joachim Buchta, 1994. "Experimental Sealed Bid First Price Auctions with Directly Observed Bid Functions," Discussion Paper Serie B 270, University of Bonn, Germany.
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    Other versions:
  25. Binmore, Ken, 1999. "Why Experiment in Economics?," Economic Journal, Royal Economic Society, vol. 109(453), pages F16-24, February. [Downloadable!] (restricted)
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