In economics, adjustment of behavior has traditionally been treated as a “black box.” Recent approaches that focus on learning behavior try to model, test, and simulate specific adjustment mechanisms in specific environments (mostly in games). Results often critically depend on distinctive assumptions, and are not easy to generalize. This paper proposes a different approach that aims to allow for more general conclusions in a methodologically more compatible way.

University of St.Gallen Department of Economics

first version August 1997

current version prepared for the European Economic Association Congress

Berlin, September 1998

Prof. Tilman Slembeck

Summary:

•Abstract

•Introduction

•Learning in economics - a critical review

•Approaches to Economic Learning

•Learning in Games

•Experimental Approaches: Tests of Learning Mechanisms

•Comment

•Methodological Issues

•Contingent Learning

•Determinants of Learning

•The Number of Actors: Degree of Dependency

•Feedback

•Operationalization of Learning

•Hypotheses about Determinants of Learning Processes

•Concluding Remarks

•APPENDIX: A Comparison of Learning Approaches

•References