Learning the Krepsian state : Exploration through consumption. / Piermont, Evan; Takeoka, Norio; Teper, Roee.

In: Games and Economic Behavior, Vol. 100, 11.2016, p. 69-94.

Research output: Contribution to journalArticlepeer-review

Published

Standard

Learning the Krepsian state : Exploration through consumption. / Piermont, Evan; Takeoka, Norio; Teper, Roee.

In: Games and Economic Behavior, Vol. 100, 11.2016, p. 69-94.

Research output: Contribution to journalArticlepeer-review

Harvard

Piermont, E, Takeoka, N & Teper, R 2016, 'Learning the Krepsian state: Exploration through consumption', Games and Economic Behavior, vol. 100, pp. 69-94. https://doi.org/10.1016/j.geb.2016.09.002

APA

Piermont, E., Takeoka, N., & Teper, R. (2016). Learning the Krepsian state: Exploration through consumption. Games and Economic Behavior, 100, 69-94. https://doi.org/10.1016/j.geb.2016.09.002

Vancouver

Author

Piermont, Evan ; Takeoka, Norio ; Teper, Roee. / Learning the Krepsian state : Exploration through consumption. In: Games and Economic Behavior. 2016 ; Vol. 100. pp. 69-94.

BibTeX

@article{ea4b9820543241ecb71631a2c0e3509a,
title = "Learning the Krepsian state: Exploration through consumption",
abstract = "We take the Krepsian approach to provide a behavioral foundation for responsive subjective learning processes. In contrast to the standard subjective state space models, the resolution of uncertainty regarding the true state is endogenous and depends on the decision maker's actions. There need not be full resolution of uncertainty between periods. When the decision maker chooses what to consume, she also chooses the information structure to which she will be exposed. When she consumes outcomes, she learns her relative preference between them; after each consumption history, the decision maker's information structure is a refinement of the previous information structure. We provide the behavioral restrictions corresponding to a recursive representation exhibiting such a learning process. Through the incorporation of dynamics we are able to identify the set of preferences the decision maker believes possible after each history of consumption, without appealing to an environment with risk.",
author = "Evan Piermont and Norio Takeoka and Roee Teper",
year = "2016",
month = nov,
doi = "10.1016/j.geb.2016.09.002",
language = "English",
volume = "100",
pages = "69--94",
journal = "Games and Economic Behavior",
issn = "0899-8256",
publisher = "Academic Press Inc.",

}

RIS

TY - JOUR

T1 - Learning the Krepsian state

T2 - Exploration through consumption

AU - Piermont, Evan

AU - Takeoka, Norio

AU - Teper, Roee

PY - 2016/11

Y1 - 2016/11

N2 - We take the Krepsian approach to provide a behavioral foundation for responsive subjective learning processes. In contrast to the standard subjective state space models, the resolution of uncertainty regarding the true state is endogenous and depends on the decision maker's actions. There need not be full resolution of uncertainty between periods. When the decision maker chooses what to consume, she also chooses the information structure to which she will be exposed. When she consumes outcomes, she learns her relative preference between them; after each consumption history, the decision maker's information structure is a refinement of the previous information structure. We provide the behavioral restrictions corresponding to a recursive representation exhibiting such a learning process. Through the incorporation of dynamics we are able to identify the set of preferences the decision maker believes possible after each history of consumption, without appealing to an environment with risk.

AB - We take the Krepsian approach to provide a behavioral foundation for responsive subjective learning processes. In contrast to the standard subjective state space models, the resolution of uncertainty regarding the true state is endogenous and depends on the decision maker's actions. There need not be full resolution of uncertainty between periods. When the decision maker chooses what to consume, she also chooses the information structure to which she will be exposed. When she consumes outcomes, she learns her relative preference between them; after each consumption history, the decision maker's information structure is a refinement of the previous information structure. We provide the behavioral restrictions corresponding to a recursive representation exhibiting such a learning process. Through the incorporation of dynamics we are able to identify the set of preferences the decision maker believes possible after each history of consumption, without appealing to an environment with risk.

UR - http://www.sciencedirect.com/science/article/pii/S0899825616300896

U2 - 10.1016/j.geb.2016.09.002

DO - 10.1016/j.geb.2016.09.002

M3 - Article

VL - 100

SP - 69

EP - 94

JO - Games and Economic Behavior

JF - Games and Economic Behavior

SN - 0899-8256

ER -