Adaptive versus eductive learning: Theory and evidence
Date of Issue2016
School of Humanities and Social Sciences
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.
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].