Faculty Publication by Xin Wang

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Faculty Member:

Xin Wang

Title of Publication:

"Individual Differences in the EWA Learning with Partial Payoff Information"

Publication Type:

Forthcoming Paper

Year of Publication:

2007

Co-Authors:

Teck H. Ho, Colin F. Camerer

Publication Details:

Economic Journal

Abstract:

We extend experience-weighted attraction (EWA) learning to games in which only the set of possible foregone payoffs from unchosen strategies are known, and estimate parameters separately for each player to study heterogeneity. We assume players estimate unknown foregone payoffs from a strategy, by substituting the last payoff actually received from that strategy, by clairvoyantly guessing the actual foregone payoff, or by averaging the set of possible foregone payoffs conditional on the actual outcomes. All three assumptions improve predictive accuracy of EWA. Individual parameter estimates suggest that players cluster into two separate subgroups (which differ from traditional reinforcement and belief learning).

Link (PDF File) :

http://www.brandeis.edu/global/faculty_publications/wang/Wang_EL.pdf

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