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.
Original language | English |
---|---|
Pages (from-to) | 131-153 |
Number of pages | 23 |
Journal | Theory and Decision |
Volume | 83 |
Issue number | 1 |
DOIs | |
Publication status | Published - 2017 Jun 1 |
Keywords
- Experiment
- Learning
- Two-armed bandit problem
- Voting game
ASJC Scopus subject areas
- Decision Sciences(all)
- Developmental and Educational Psychology
- Arts and Humanities (miscellaneous)
- Applied Psychology
- Social Sciences(all)
- Economics, Econometrics and Finance(all)
- Computer Science Applications