An Evaluation of Econometric Models of Adaptive Learning
Econometrica · 2001 · Volume 69 · Issue 6
Abstract
This paper evaluates the effectiveness of four econometric approaches intended to identify the learning rules being used by subjects in experiments with normal form games. This is done by simulating experimental data and then estimating the econometric models on the simulated data to determine if they can correctly identify the rule that was used to generate the data. The results show that all of the models examined possess difficulties in accurately distinguishing between the data generating processes.
Keywords
Learning, behavioral game theory, reinforcement learning, fictitious play
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