nep-evo 2005-01-09 papers

on Evolutionary Economics

Issue of 2005‒01‒09
one paper chosen by
Matthew Baker
US Naval Academy, USA

Fact-Free Learning By Enriqueta Aragones; Itzhak Gilboa; Andrew Postlewaite; David Schmeidler

By:	Enriqueta Aragones (Autonomous University of Barcelona - Institut d'Anàlisi Econòmica (CSIC)); Itzhak Gilboa (Eitan Berglas School of Economics, Tel Aviv University); Andrew Postlewaite (Department of Economics, University of Pennsylvania); David Schmeidler (Eitan Berglas School of Economics, Tel Aviv University)
Abstract:	People may be surprised by noticing certain regularities that hold in existing knowledge they have had for some time. That is, they may learn without getting new factual information. We argue that this can be partly explained by computational complexity. We show that, given a knowledge base, finding a small set of variables that obtain a certain value of R2 is computationally hard, in the sense that this term is used in computer science. We discuss some of the implications of this result and of fact-free learning in general.
Keywords:	Learning, Behavioral Economics
JEL:	D11
Date:	2003–10–01
URL:	http://d.repec.org/n?u=RePEc:pen:papers:05-002&r=evo

This nep-evo issue is ©2005 by Matthew Baker. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.

General information on the NEP project can be found at http://nep.repec.org. For comments please write to the director of NEP, Marco Novarese at <director@nep.repec.org>. Put “NEP” in the subject, otherwise your mail may be rejected.

NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.