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Second-Order Induction and Agreement

Author

Listed:
  • Rossella Argenziano

    (Department of Economics - University of Essex)

  • Itzhak Gilboa

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

Agents make predictions based on similar past cases. The notion of similarity is itself learnt from experience by "second-order induction": past cases inform agents also about the relative importance of various attributes in judging similarity. However, there may be multiple "optimal" similarity functions for explaining past data. Moreover, the computation of the optimal similarity function is NP-Hard. We offer conditions under which rational agents who have access to the same observations are likely to converge on the same predictions, and conditions under which they may entertain different probabilistic beliefs.

Suggested Citation

  • Rossella Argenziano & Itzhak Gilboa, 2017. "Second-Order Induction and Agreement," Working Papers hal-01941525, HAL.
    • Handle: RePEc:hal:wpaper:hal-01941525
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    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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