Journal article
Passive Learning: A Critique by Example.
- Abstract:
- In models of learning by experimentation that exhibit signal dependence, a benchmark using a passive learner has been proposed. The use of this benchmark is flawed--first, passive learning does not disentangle the effects of knowing that beliefs, as well as other state variables, might change, and we address this issue directly by introducing a naive learner. Secondly, and more tellingly, passive learning does not do what it is supposed to do, namely help measure the gains from active experimentation; the naive learner enables us to illustrate this point in the context of a particular example.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
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- Files:
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(Preview, Accepted manuscript, pdf, 125.7KB, Terms of use)
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- Publisher copy:
- 10.1007/s00199-006-0140-4
Authors
- Publisher:
- Springer-Verlag
- Journal:
- Economic Theory More from this journal
- Volume:
- 33
- Issue:
- 2
- Pages:
- 263 - 269
- Publication date:
- 2007-11-01
- DOI:
- ISSN:
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0938-2259
- Language:
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English
- UUID:
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uuid:624c62b8-e430-4bd8-a6f5-800575de7831
- Local pid:
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oai:economics.ouls.ox.ac.uk:12586
- Deposit date:
-
2011-08-15
- ARK identifier:
Terms of use
- Copyright holder:
- Springer-Verlag
- Copyright date:
- 2007
- Notes:
- © Springer-Verlag 2006. The final publication is available at springerlink.com. A previous version of this work appeared as Discussion Paper 223, Department of Economics, University of Oxford, with the title “The (in)appropriate benchmark when beliefs are not the only state variable.”
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