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
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- Antonio Cabrales & Walter Garcia Fontes, 2000. "Estimating learning models from experimental data," Economics Working Papers 501, Department of Economics and Business, Universitat Pompeu Fabra.
- Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
- Stahl, Dale O., 1996. "Boundedly Rational Rule Learning in a Guessing Game," Games and Economic Behavior, Elsevier, vol. 16(2), pages 303-330, October.
- Drew Fudenberg & David K. Levine, 1998.
"The Theory of Learning in Games,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262061945.
- Boylan Richard T. & El-Gamal Mahmoud A., 1993.
"Fictitious Play: A Statistical Study of Multiple Economic Experiments,"
Games and Economic Behavior,
Elsevier, vol. 5(2), pages 205-222, April.
- R. Boylan & E. El-Gamal, 2010. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Levine's Working Paper Archive 403, David K. Levine.
- 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.
- Nick Feltovich, 2000. "Reinforcement-Based vs. Belief-Based Learning Models in Experimental Asymmetric-Information," Econometrica, Econometric Society, vol. 68(3), pages 605-642, May.
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