This chapter examines the relationship between agent-based modeling and economic
decision-making experiments with human subjects. Both approaches exploit controlled …

Game theory, the formalized study of strategy, began in the 1940s by asking how
emotionless geniuses should play games, but ignored until recently how average people …

Environments with public goods are a wonderful playground for those interested in delicate
experimental problems, serious theoretical challenges, and difficult mechanism design …

In 'experience‐weighted attraction'(EWA) learning, strategies have attractions that reflect
initial predispositions, are updated based on payoff experience, and determine choice …

We develop and test a theory of human behavior in 3× 3 symmetric games. The theory
hypothesizes a family of five boundedly rational archetypes distinguished by their model of …

We report the results of voluntary contributions experiments where subjects are randomly
assigned different rates of return from their private consumption. These random assignments …

This experiment was designed to test various learning theories in the context of a Cournot
oligopoly. We derive theoretical predictions for the learning theories and test these …

We propose and test a simple belief learning model. We find considerable heterogeneity
across individual players; some players are well described by fictitious play (long memory) …

This paper investigates belief learning. Unlike other investigators who have been forced to
use observable proxies to approximate unobserved beliefs, we have, using a belief …

Economists and psychologists have recently been develo** new theories of decision
making under uncertainty that can accommodate the observed violations of standard …