17 research outputs found
Little Information, Efficiency, and Learning - An Experimental Study
No full textEarlier experiments have shown that under little information subjects are hardly able to coordinate even though there are no conflicting interests and subjects are organised in fixed pairs. This is so, even though a simple adjustment process would lead the subjects into the efficient, fair and individually payoff maximising outcome. We draw on this finding and design an experiment in which subjects re-peatedly play 4 simple games within 4 sets of 40 rounds under little information. This way we are able to investigate (i) the coordination abilities of the subjects depending on the underlying game, (ii) the resulting efficiency loss, and (iii) the adjustment of the learning rule.mutual fate control, matching pennies, fate-control behaviour- control, learning, coordination, little information
Little information, efficiency and learning: An experimental study
No full text
 
Little Information, Efficiency and Learning - An Experimental Study
No full textEarlier experiments have shown that under little information subjects are hardly able to coordinate even though there are no conflicting interests and subjects are organised in fixed pairs. This is so, even though a simple adjustment process would lead the subjects into the efficient, fair and individually payoff maximising outcome. We draw on this finding and design an experiment in which subjects repeatedly play 4 simple games within 4 sets of 40 rounds under little information. This way we are able to investigate (i) the coordination abilities of the subjects depending on the underlying game, (ii) the resulting efficiency loss, and (iii) the adjustment of the learning rule
Learning under minimal information: An experiment on mutual fate control
No full textReinforcement learning has proved quite successful in predicting subjects\u27 adjustment behaviour in repeatedly played simple games. However, reinforcement learning does not predict convergence to the efficient cell in the minimal information game of mutual fate control, while earlier psychologist\u27 experiments show some tendency to convergence. Our rivalling learning rule, a modification of win-stay lose-change, does predict convergence. We perform an experiment using modern economic methodology and compare these tow learning rules. Our results are unfavourable for both reinforcement learning as well as win-stay lose-change. The data rather support the view that subjects search by using patterns
An Experiment on the Value of Structural Information in a 2×2 Repeated Game
No full textIn experimental studies pairs that repeatedly play the simple coordination game mutual fate control may regularly fail to coordinate when they are given little information, i.e. when subjects are uninformed about the payoff matrix and feedback is limited to their own payoff. Our experimental study shows that the provision of a small amount of structural information prior to playing the game changes subject behaviour and significantly improves performance, even though standard adaptive learning rules do not take such information into account and optimal adaptive rules do not differ much between the two treatments. Our study calls for a more intense investigation into the cognitive processing of information
Learning Under Little Information: An Experiment on Mutual Fate Control
No full textReinforcement learning has proved quite successful in predicting subjects' adjustment behaviour in repeatedly played simple games. However, reinforcement learning does not predict convergence to the efficient cell in the minimal information game of mutual fate control, while earlier psychologists' experiments show some tendency to convergence. Our rivalling learning rule, a modification of win-stay lose-change, does predict convergence. We perform an experiment using modern economic methodology and compare these two learning rules. Our results are unfavourable for both reinforcement learning as well as win- stay lose-change. The data rather support the view that subjects search by using patterns.mutual fate control, learning, coordination, experimental economics, coordination failure
An Experiment on the Value of Structural Information in a 2x2 Repeated Game
No full textIn experimental studies pairs that repeatedly play the simple coordination game mutual fate control may regularly fail to coordinate when they are given little in-formation, i.e. when subjects are uninformed about the payoff matrix and feed-back is limited to their own payoff. Our experimental study shows that the provision of a small amount of structural information prior to playing the game changes subject behaviour and significantly improves performance, even though standard adaptive learning rules do not take such information into account and optimal adaptive rules do not differ much between the two treatments. Our study calls for a more intense investigation into the cognitive processing of information.repeated games, experiments, information, coordination
