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Reference Points and Learning

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  • Alan Beggs

Abstract

This paper studies learning when agents evaluate outcomes in comparison to a reference point. It shows that certain models of reinforcement learning lead toclasses of recursive preferences.

Suggested Citation

  • Alan Beggs, 2015. "Reference Points and Learning," Economics Series Working Papers 767, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:767
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    12. Beggs, A.W., 2005. "On the convergence of reinforcement learning," Journal of Economic Theory, Elsevier, vol. 122(1), pages 1-36, May.
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    Cited by:

    1. Peyman Khezr & Shabbir Ahmad, 2018. "Anchoring in the Housing Market: Evidence from Sydney," Discussion Papers Series 596, School of Economics, University of Queensland, Australia.

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    More about this item

    Keywords

    Reference points; Reinforcement Learning; Recursive Preferences;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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