Learning spillover and analogy-based expectations: a multi-game experiment

Abstract

We consider a multi-game interactive learning environment and ask ourselves whether long run behaviors in one game are a¤ected by behaviors in the other, i.e whether there are learning spillovers. Our main �nding is that learning spillovers arise whenever the feedback provided to subjects about past play is not easily accessible game by game and thus subjects get a more immediate impression about aggregate distributions. In such a case, long run behaviors stabilize to an analogy-based expectation equilibrium (Jehiel 2005), thereby suggesting how one should broaden the notion of equilibrium to cope with learning spillovers