Risk, Unexpected Uncertainty, and Estimation Uncertainty: Bayesian Learning in Unstable Settings
Figure 5
Replication of the experiment in [9].
Mean BICs and standard deviations of the Bayesian, reinforcement and Pearce-Hall learning models without structural uncertainty (Treatment 3). Based on the choices of 30 participants in approximately 500 trials of our board game. The Bayesian model is the base version (unadjusted for ambiguity aversion). :
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