Johannes Hoelzemann, University of Toronto - September 17, 2019

Posted on 2019-10-01 in Events, Upcoming Seminars
Sep 17, 2019



Title: Bandits in the Lab

Abstract: We experimentally implement a dynamic public-good problem, where the public good in question is the evolving information about agents’ common state of the world. Specifically, we test Keller, Rady, and Cripps (2005)’ game of strategic experimentation with exponential bandits in the laboratory. We find strong support for the prediction of free-riding because of strategic concerns. We also find strong evidence for behavior that is characteristic of Markov Perfect Equilibrium: non-cut-off behavior, lonely pioneers and frequent switches of action.

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