Abstract Economic philosophy explores the conditions and limits of economic theory, the development of which implies an accelerated increase in complexity (which is the very definition of ’complexity’). Its first manifestations were the second theorem on general equilibrium, and the impossibility theorems on collective choice, as well as the public goods dilemma. For sure, it … Continue reading Economic philosophy and complexity
Tag: simulations
Learning in the Trust Game
Abstract We use experimental data from a repeated trust game to estimate structural learning models that let us differentiate between the learning processes of the two players. We find that the two players cannot be described by the same learning process. Long-run simulations then show that the interaction of the two estimated types of players … Continue reading Learning in the Trust Game