Volume 15, Number 3, 2001Evolution and Learning in Markets
|Page(s)||131 - 152|
European Journal of Economic and Social Systems 15 N°3 (2001) 131-152
Implications of routine-based learning for decision makingThomas Brenner
Max-Planck-Institute for Research into Economic Systems, Evolutionary Economics Unit, Kahlaische Str. 10, 07745 Jena, Germany.
Various mathematical models have been proposed in the economic literature for the modelling of boundedly rational learning. Each of these models considers one type of learning, like imitation, satisficing, trial-and-error or reinforcement learning. This paper combines several types of boundedly rational learning and develops a more general learning model. Then, the characteristics of this learning model are examined for a quite general decision situation involving risk. It is studied under which conditions learning leads to an expected utility maximising behaviour. Furthermore, it is analysed what kind of deviations from the utility maximising behaviour are caused by the different aspects of learning.
Key words: Decision making, learning, mathematical modelling.
© EDP Sciences 2001
Current usage metrics show cumulative count of Article Views (full-text article views including HTML views, PDF and ePub downloads, according to the available data) and Abstracts Views on Vision4Press platform.
Data correspond to usage on the plateform after 2015. The current usage metrics is available 48-96 hours after online publication and is updated daily on week days.
Initial download of the metrics may take a while.