Article ID Journal Published Year Pages File Type
5071758 Games and Economic Behavior 2013 14 Pages PDF
Abstract
We find: (1) The choice behavior of this program (and therefore case-based decision theory) correctly predicts the empirically observed relative difficulty of problems and speed of learning in human data. (2) 'Similarity' (how CBDT decision makers extrapolate from memory) is decreasing in vector distance, consistent with evidence in psychology (Shepard, 1987). (3) The best-fitting parameters suggest humans aspire to an 80-85% success rate, and humans may increase their aspiration level during the experiment. (4) Average similarity is rejected in favor of additive similarity.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Authors
, ,