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Learning and Equilibrium in Games

Camerer, Colin F. and Ho, Teck H. and Chong, Juin-Kuan (2008) Learning and Equilibrium in Games. In: Handbook of Experimental Economics Results. Handbooks in Economics. Vol.1. No.28. Elsevier , Amsterdam, pp. 607-615. ISBN 9780444826428. https://resolver.caltech.edu/CaltechAUTHORS:20110222-134402112

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Abstract

In the last ten years theory (e.g., Fudenberg and Levine, 1998) and empirical data fitting have provided many ideas about how equilibria arise in games or markets. This short chapter describes a very general approach to learning in games: "experience-weighted attraction" (EWA) learning. This approach strives to explain, for every choice in an experiment, how that choice arose from players' previous behavior and experience, using a general model which can be applied to most games with minimal customization and which predicts well out of sample. Sophisticated EWA includes important equilibrium concepts and many other learning models (simple reinforcement, Cournot, fictitious play, weighted fictitious play) as special cases (see Camerer and Ho, 1999; Ho, Camerer and Chong, 200 I, and cited references for details). The model therefore allows "one-stop shopping" for learning about the latest statistical comparisons of many different learning and equilibrium models (see Camerer, 2002, Chapter 6 for more details). The model can also be adapted to field applications in which strategies and payoffs are often poorly-specified (e.g., it has been used successfully to predict actual consumer choices of products like ice cream, see Ho and Chong, 1999).


Item Type:Book Section
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1016/S1574-0722(07)00066-2DOIArticle
ORCID:
AuthorORCID
Camerer, Colin F.0000-0003-4049-1871
Ho, Teck H.0000-0001-5210-4977
Chong, Juin-Kuan0000-0002-5187-8652
Additional Information:© 2008 Elsevier. Available online 12 July 2008.
Series Name:Handbooks in Economics
Issue or Number:28
DOI:10.1016/S1574-0722(07)00066-2
Record Number:CaltechAUTHORS:20110222-134402112
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20110222-134402112
Official Citation:Colin F. Camerer, Teck H. Ho, Juin-Kuan Chong, Chapter 66 Learning and Equilibrium in Games, In: Charles R. Plott and Vernon L. Smith, Editor(s), Handbook of Experimental Economics Results, Elsevier, 2008, Volume 1, Pages 607-615, ISSN 1574-0722, ISBN 9780444826428, DOI: 10.1016/S1574-0722(07)00066-2.
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22432
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:08 Mar 2011 23:26
Last Modified:09 Nov 2021 16:05

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