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Does Observation Influence Learning?

  • Olivier Armantier

    ()

A common value auction experiment is run to compare the relative influence of observation and experience on learning. It is shown that the ex-post observation of opponents' actions and payoffs homogenizes behavior and accelerates learning toward the Nash equilibrium. Besides, experiential and observational learning are both relevant and of comparable magnitude. A general reinforcement model for continuous strategies, encompassing choice reinforcement learning, direction learning and payoff dependent imitation, performs well in explaining the experimental data and it dominates competing models such as the reinforcement of best response strategies.

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File URL: http://www.stonybrook.edu/commcms/economics/research/papers/2001/01-04.pdf
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Paper provided by Stony Brook University, Department of Economics in its series Department of Economics Working Papers with number 01-04.

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Date of creation: 2001
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Handle: RePEc:nys:sunysb:01-04
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  7. Olivier Armantier, 2001. "Does Observation Influence Learning?," Department of Economics Working Papers 01-04, Stony Brook University, Department of Economics.
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  12. Offerman, Theo & Potters, Jan & Sonnemans, Joep, 2002. "Imitation and Belief Learning in an Oligopoly Experiment," Review of Economic Studies, Wiley Blackwell, vol. 69(4), pages 973-97, October.
  13. Garvin, Susan & Kagel, John H., 1994. "Learning in common value auctions: Some initial observations," Journal of Economic Behavior & Organization, Elsevier, vol. 25(3), pages 351-372, December.
  14. 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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  16. 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 848-81, September.
  17. Antonio Cabrales & Walter Garcia Fontes, 2000. "Estimating learning models from experimental data," Economics Working Papers 501, Department of Economics and Business, Universitat Pompeu Fabra.
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