Complexity Constraints and Adaptive Learning: An Example

Tilman Börgers () and Antonio Morales ()

Chapter 2 in Advances in Understanding Strategic Behaviour, 2004, pp 9-27 from Palgrave Macmillan

Abstract: Abstract Experimental research suggests that it is very difficult for most people to make optimal decisions if their payoffs are affected by a sequence of random shocks that are independent and identically distributed (i.i.d.). Many subjects never learn to make optimal choices; others do, but take a very long time.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52337-1_2

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DOI: 10.1057/9780230523371_2

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