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