Meaningful learning in weighted voting games: an experiment
By employing binary committee choice problems, this paper investigates how varying or eliminating feedback about payoffs affects: (1) subjects’ learning about the underlying relationship between their nominal voting weights and their expected payoffs in weighted voting games; (2) the transfer of acq...
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| Published in | Theory and decision Vol. 83; no. 1; pp. 131 - 153 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
New York
Springer US
01.06.2017
Springer Nature B.V Springer Verlag |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0040-5833 1573-7187 1573-7187 |
| DOI | 10.1007/s11238-017-9588-x |
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| Abstract | By employing binary committee choice problems, this paper investigates how varying or eliminating feedback about payoffs affects: (1) subjects’ learning about the underlying relationship between their nominal voting weights and their expected payoffs in weighted voting games; (2) the transfer of acquired learning from one committee choice problem to a similar but different problem. In the experiment, subjects choose to join one of two committees (weighted voting games) and obtain a payoff stochastically determined by a voting theory. We found that: (i) subjects learned to choose the committee that generates a higher expected payoff even without feedback about the payoffs they received; (ii) there was statistically significant evidence of “meaningful learning” (transfer of learning) only for the treatment with no payoff-related feedback. This finding calls for re-thinking existing models of learning to incorporate some type of introspection. |
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| AbstractList | By employing binary committee choice problems, this paper investigates how varying or eliminating feedback about payoffs affects: (1) subjects’ learning about the underlying relationship between their nominal voting weights and their expected payoffs in weighted voting games; (2) the transfer of acquired learning from one committee choice problem to a similar but different problem. In the experiment, subjects choose to join one of two committees (weighted voting games) and obtain a payoff stochastically determined by a voting theory. We found that: (i) subjects learned to choose the committee that generates a higher expected payoff even without feedback about the payoffs they received; (ii) there was statistically significant evidence of “meaningful learning” (transfer of learning) only for the treatment with no payoff-related feedback. This finding calls for re-thinking existing models of learning to incorporate some type of introspection. By employing binary committee choice problems, this paper investigates how varying or eliminating feedback about payoffs affects: (1) subjects' learning about the underlying relationship between their nominal voting weights and their expected payoffs in weighted voting games; and (2) the transfer of acquired learning from one committee choice problem to a similar but different problem. In the experiment, subjects choose to join one of two committees (weighted voting games) and obtain a payoff stochastically determined by a voting theory. We found that: (i) subjects learned to choose the committee that generates a higher expected payoff even without feedback about the payoffs they received; and (ii) there was statistically significant evidence of ``meaningful learning'' (transfer of learning) only for the treatment with no payoff-related feedback. This finding calls for re-thinking existing models of learning to incorporate some type of introspection. |
| Author | Watanabe, Naoki Guerci, Eric Hanaki, Nobuyuki |
| Author_xml | – sequence: 1 givenname: Eric surname: Guerci fullname: Guerci, Eric organization: Université Côte d’Azur, CNRS GREDEG – sequence: 2 givenname: Nobuyuki surname: Hanaki fullname: Hanaki, Nobuyuki email: Nobuyuki.HANAKI@unice.fr organization: Université Côte d’Azur, CNRS GREDEG – sequence: 3 givenname: Naoki surname: Watanabe fullname: Watanabe, Naoki organization: Graduate School of Business Administration, Keio University |
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| Copyright | Springer Science+Business Media New York 2017 Theory and Decision is a copyright of Springer, 2017. Distributed under a Creative Commons Attribution 4.0 International License |
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| Keywords | Learning Two-armed bandit problem C79 Voting game Experiment C92 D72 D83 voting game learning experiment two-armed bandit problem |
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| SubjectTerms | Behavioral/Experimental Economics Committees Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Feedback Finance Game Theory Games Humanities and Social Sciences Insurance Introspection Learning Management Operations Research/Decision Theory Payoffs Social and Behav. Sciences Statistics for Business Voting |
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| Title | Meaningful learning in weighted voting games: an experiment |
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