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Learning by investing

  • Jan Hanousek
  • Evžen Kočenda

Learning is a subject of intense research in experimental economics. We contribute to this debate by presenting persuasive evidence that learning took place among uninformed heterogeneous agents on a quasi-stock market during a large-scale natural experiment that by size, incentives, and variation belongs among the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process when prices of goods vary over succeeding stages of bidding.

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Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 19 (2011)
Issue (Month): 1 (01)
Pages: 125-149

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Handle: RePEc:bla:etrans:v:19:y:2011:i:1:p:125-149
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