English, Article, Journal or magazine article edition: Learning Direction Theory and the Winner’s Curse Reinhard Selten; Klaus Abbink; Ricarda Cox

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Bookmark: http://trove.nla.gov.au/version/52801
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Learning Direction Theory and the Winner’s Curse
Author
  • Reinhard Selten
  • Klaus Abbink
  • Ricarda Cox
Physical Description
  • preprint
Notes
  • We report an experiment on a decision task by SAMUELSON and BAZERMAN (1985). Subjects submit a bid for an item with an unknown value. A winner’s curse phenomenon arises when subjects bid too high and make losses. Learning direction theory can account for this. However, other influences on behaviour can also be identified. We introduce impulse balance theory to make quantitative predictions on the basis of learning direction theory. We also look at monotonic ladder processes. It is shown that for this kind of Markov chains the impulse balance point is connected to the mode of the stationary distribution.
  • Experimental economics, learning, individual decision making
  • RePEc:bon:bonedp:bgse10_2001
Language
  • English
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