Reference points and learning

Alan Beggs

Journal of Mathematical Economics, 2022, vol. 100, issue C

Abstract: This paper studies learning when agents evaluate outcomes in comparison to reference points, which may be adjusted in light of experience. It shows that certain models of reinforcement learning, motivated by those popular in machine learning and neuroscience, lead to classes of recursive preferences.

Keywords: Reference points; Reinforcement learning; Recursive preferences (search for similar items in EconPapers)
Date: 2022
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Working Paper: Reference Points and Learning (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:100:y:2022:i:c:s0304406821001695

DOI: 10.1016/j.jmateco.2021.102621

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