Adaptive versus eductive learning: Theory and evidence

Adaptive versus eductive learning: Theory and evidence

Adaptive and eductive learning are two widely used ways of modeling the process by which agents learn a rational expectation equilibrium (REE). In this paper we report an experiment where we exploit differences in the conditions under which adaptive and eductive learning converge to REE so as to inv...

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Main Authors: Bao, Te, Duffy, John
Other Authors: School of Humanities and Social Sciences
Format: Article
Language:English
Published: 2017
Subjects:
Rational expectations
Adaptive learning
Online Access:https://hdl.handle.net/10356/83453
http://hdl.handle.net/10220/42625
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Institution: Nanyang Technological University
Language: English
id sg-ntu-dr.10356-83453
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spelling sg-ntu-dr.10356-834532020-03-07T12:10:37Z Adaptive versus eductive learning: Theory and evidence Bao, Te Duffy, John School of Humanities and Social Sciences Rational expectations Adaptive learning Adaptive and eductive learning are two widely used ways of modeling the process by which agents learn a rational expectation equilibrium (REE). In this paper we report an experiment where we exploit differences in the conditions under which adaptive and eductive learning converge to REE so as to investigate which approach provides the better description of the learning behavior of human subjects. Our results suggest that the path by which the system converges appears to be a mixture of both adaptive and eductive learning model predictions. Accepted version 2017-06-08T06:00:51Z 2019-12-06T15:23:18Z 2017-06-08T06:00:51Z 2019-12-06T15:23:18Z 2016 Journal Article Bao, T., & Duffy, J. (2016). Adaptive versus eductive learning: Theory and evidence. European Economic Review, 83, 64-89. 0014-2921 https://hdl.handle.net/10356/83453 http://hdl.handle.net/10220/42625 10.1016/j.euroecorev.2015.12.007 en European Economic Review © 2016 Elsevier B.V. This is the author created version of a work that has been peer reviewed and accepted for publication by European Economic Review, Elsevier B.V. It incorporates referee’s comments but changes resulting from the publishing process, such as copyediting, structural formatting, may not be reflected in this document. The published version is available at: [http://dx.doi.org/10.1016/j.euroecorev.2015.12.007]. 54 p. application/pdf
institution Nanyang Technological University
building NTU Library
country Singapore
collection DR-NTU
language English
topic Rational expectations
Adaptive learning
spellingShingle Rational expectations
Adaptive learning
Bao, Te
Duffy, John
Adaptive versus eductive learning: Theory and evidence
description Adaptive and eductive learning are two widely used ways of modeling the process by which agents learn a rational expectation equilibrium (REE). In this paper we report an experiment where we exploit differences in the conditions under which adaptive and eductive learning converge to REE so as to investigate which approach provides the better description of the learning behavior of human subjects. Our results suggest that the path by which the system converges appears to be a mixture of both adaptive and eductive learning model predictions.
author2 School of Humanities and Social Sciences
author_facet School of Humanities and Social Sciences
Bao, Te
Duffy, John
format Article
author Bao, Te
Duffy, John
author_sort Bao, Te
title Adaptive versus eductive learning: Theory and evidence
title_short Adaptive versus eductive learning: Theory and evidence
title_full Adaptive versus eductive learning: Theory and evidence
title_fullStr Adaptive versus eductive learning: Theory and evidence
title_full_unstemmed Adaptive versus eductive learning: Theory and evidence
title_sort adaptive versus eductive learning: theory and evidence
publishDate 2017
url https://hdl.handle.net/10356/83453
http://hdl.handle.net/10220/42625
_version_ 1681041886658166784

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