An Evaluation of Econometric Models of Adaptive Learning
This paper evaluates the effectiveness of four econometric approaches intended to identify the learning rules being used by subjects in experiments with normal form games. This is done by simulating experimental data and then estimating the econometric models on the simulated data to determine if they can correctly identify the rule that was used to generate the data. The results show that all of the models examined possess difficulties in accurately distinguishing between the data generating processes. Copyright The Econometric Society.
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Volume (Year): 69 (2001)
Issue (Month): 6 (November)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nick Feltovich, 2000. "Reinforcement-Based vs. Belief-Based Learning Models in Experimental Asymmetric-Information," Econometrica, Econometric Society, vol. 68(3), pages 605-642, May.
- Stahl, Dale O., 1996. "Boundedly Rational Rule Learning in a Guessing Game," Games and Economic Behavior, Elsevier, vol. 16(2), pages 303-330, October.
- Boylan, Richard T. & El-Gamal, Mahmoud A., 1990. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Working Papers 737, California Institute of Technology, Division of the Humanities and Social Sciences.
- Drew Fudenberg & David K. Levine, 1996.
"The Theory of Learning in Games,"
Levine's Working Paper Archive
624, David K. Levine.
- Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
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