Encyclopedia of the Sciences of Learning

2012 Edition
| Editors: Norbert M. Seel

Meaningful Learning in Economic Games

  • Scott RickEmail author
  • Roberto WeberEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4419-1428-6_467

Synonyms

Definition

In economic games (strategic interactions) played repeatedly, players can engage in some combination of strategy learning and meaningful learning. Strategy learning describes the process by which players gradually learn which strategy produces the highest payoffs in a particular game. Meaningful learning describes the process by which players come to understand meaningful principles (e.g., dominance, backward-induction, strategic signaling) that are relevant not only in the current game, but in others as well. Both strategy learning and meaningful learning can contribute to improved performance (i.e., convergence toward equilibrium) in a particular game. Meaningful learning is demonstrated when improved performance in one game transfers to a superficially different but strategically similar game (i.e., a game in which the same meaningful principle applies).

Theoretical Background

There is considerable evidence in psychology...

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References

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Copyright information

© Springer Science+Business Media, LLC 2012

Authors and Affiliations

  1. 1.Department of MarketingUniversity of MichiganAnn ArborUSA
  2. 2.Department of EconomicsUniversity of ZurichZürichSwitzerland