Camerer, Colin F. and Ho, Teck H. (2001) Strategic Learning and Teaching. In: Wharton on Making Decisions. Wiley , New York, pp. 159-175. ISBN 9780471150817 http://resolver.caltech.edu/CaltechAUTHORS:20110216-134119291
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Abstract
Decision makers learn from experience and this learning affects their future decisions. But how? Using game theory, the authors explore how people factor in the payoffs of past decisions in their current choices. The authors introduce the concept of experience-weighted attraction (EWA) to explain how people learn from their experience. Sophisticated players can use this concept to learn which strategies work and "outguess" their rivals. And by understanding how rivals and customers learn, managers can take actions that "teach" rivals and customers what you want them to believe-reassuring partners and intimidating competitors.
| Item Type: | Book Section |
|---|---|
| Additional Information: | © 2001 Wiley. |
| Record Number: | CaltechAUTHORS:20110216-134119291 |
| Persistent URL: | http://resolver.caltech.edu/CaltechAUTHORS:20110216-134119291 |
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. |
| ID Code: | 22249 |
| Collection: | CaltechAUTHORS |
| Deposited By: | Tony Diaz |
| Deposited On: | 09 Mar 2011 21:42 |
| Last Modified: | 09 Mar 2011 21:42 |
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