engleski

Empirical Learning Styles in Simulation of Investment Game

Environment in which an individual makes decisions may be quickly changing, i.e. volatile, causing a change in perception as far as available versions of decision are concerned. By reaching decisions through time, an individual learns based on personal experience, i.e. based on feedback on possible and actual results of relevant decisions. For the purpose of this research, we developed a game containing elements of a strategy and allowing a simulation of decision-making by a number of individuals. Empirical testing on a sample of players was to determine styles of learning and decision-making. As far as choices of strategy are concerned, it was determined that there is a significant sensitivity of players toward negative changes of payoff. Reactions to "missed opportunity" modeled according to Camerer's Consideration Index are shown through various intensities of changes in inhabiting of successful and unsuccessful strategies.

Consideration index; decision-making; empirical learning; payoff; reduced backward information; strategic choice

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