A Look at Learning Models in Three-by-Three Bimatrix Games

Nicole Marie Bouchez
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Nicole Marie Bouchez: Department of Economics, Royal Holloway, University of London

No 00/4, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: Experimental data is used to test a variety of learning models using a model that extends several of the existing learning models. Generally, the parameter estimate are in the expected ranges. Individual agent parameter estimates indicate that there is considerable individual heterogeneity. Representative agent parameter estimates adequately predict the mode of the individual parameter estimates when the data is pooled across matrices. They are not very effective at predicting the mode of the disaggregated data. There is some evidence in favour of the restriction that the two discounts are equal. The restrictions that the agents equally weigh actions experienced and actions not experienced is rejected using both representative agent and individual agent parameter estimates) thought there is evidence that subjects put more weight on actions experienced over those not experienced). We reject the rote learning version of the model in favour of a (weak) belief learning parameterizations of the model.

Keywords: Learning; Beliefs; Reinforcement. (search for similar items in EconPapers)
JEL-codes: C72 C73 D83 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2001-02, Revised 2001-02
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