Plasticity of strategic sophistication in interactive decision-making

Marchiori, D. (Underviser)

Aktivitet: Foredrag og mundtlige bidragKonferenceoplæg

Beskrivelse

We propose an experimental eye-tracking study of how strategic sophistication is
shaped by experience in the contest of two-person normal-form games. Although strategic
sophistication has been shown to be linked to a variety of endogenous and exogenous factors,
little is known about how it is shaped by experience with previous interactive decisions.
Whereas we show that payoff feedback in previous games can importantly influence strategic
sophistication, we also show that games that provide theoretically equivalent learning
opportunities can produce substantially different learning outcomes. Specifically, only feedback
associated with repeated play of games that emphasize strategic interdependence (i.e., those in
which the participants do not have a dominant strategy) enhances strategic learning, as
demonstrated by the observed increased frequency of equilibrium play and the evolved way of
collecting–and then processing–payoff information. Moreover, subgroups of individuals respond
to experience in remarkably different ways. Whereas some players eventually learn to visually
analyze the payoff matrix compatibly with an underlying equilibrium reasoning, others appear to
use experience with previous interactions to devise simple heuristics of play. Our results have
implications for theoretical and computational modeling in economics and Artificial Intelligence
research.
Periode2019
BegivenhedstitelNeuroPsychoEconomics Conference 2019<br/>
BegivenhedstypeKonference
PlaceringRome, Italien