Learning to Open Monty Hall's Doors
The analysis in this paper searches for individual and group determinants of learning behavior in Monty Hall's Three Door problem examined in Friedman (1998, American Economic Review. 88, 933–946). The results show that the size of monetary incentives, individuals' initial abilities, and social interactions with others are all important determinants of initial choices and subsequent learning in this problem: (i) More able students have a greater initial propensity to make the right choice than less able students, and their learning curves are initially steeper; (ii) Individual learning can also be enhanced through social interactions; (iii) Interestingly, less able students benefit more than more able students from social interactions in the sample. These findings support the argument that learning models that take into account individuals' abilities and that allow for social interactions where agents can exchange information hold a great deal of promise for enhancing our understanding of actual learning environments, learning processes, and the formation of rationality. Copyright Kluwer Academic Publishers 2003
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Volume (Year): 6 (2003)
Issue (Month): 3 (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.:
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- Ignacio Palacios-Huerta, 2002.
"Learning to Open Monty Hall's Doors,"
2002-23, Brown University, Department of Economics.
- Bruce Sacerdote, 2000.
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- Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-881, September.
- Friedman, Daniel, 1998. "Monty Hall's Three Doors: Construction and Deconstruction of a Choice Anomaly," American Economic Review, American Economic Association, vol. 88(4), pages 933-946, September.
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