An Experimental Evaluation of Regret-Based Econometrics
Speaker
Gali Noti
Date
14/06/2016 - 12:30 - 11:00Add To Calendar
2016-06-14 11:00:00
2016-06-14 12:30:00
An Experimental Evaluation of Regret-Based Econometrics
Abstract: Using data obtained in a controlled ad-auction experiment that we ran, we evaluate the regret-based approach to econometrics that was recently suggested by Nekipelov, Syrgkanis, and Tardos (EC 2015). We found that despite the weak regret-based assumptions, the results were (at least) as accurate as those obtained using classical equilibrium-based assumptions. En route we studied to what extent did humans actually minimize regret in our ad-auction, and found a significant difference between the “high types” who indeed rationally minimized regret and the “low types” that significantly over-bid. We suggest that correcting for these biases may improve the accuracy of estimated values.
Paper
Economics building (No. 504), room 011
אוניברסיטת בר-אילן - Department of Economics
Economics.Dept@mail.biu.ac.il
Asia/Jerusalem
public
Place
Economics building (No. 504), room 011
Affiliation
Hebrew University
Abstract
Abstract: Using data obtained in a controlled ad-auction experiment that we ran, we evaluate the regret-based approach to econometrics that was recently suggested by Nekipelov, Syrgkanis, and Tardos (EC 2015). We found that despite the weak regret-based assumptions, the results were (at least) as accurate as those obtained using classical equilibrium-based assumptions. En route we studied to what extent did humans actually minimize regret in our ad-auction, and found a significant difference between the “high types” who indeed rationally minimized regret and the “low types” that significantly over-bid. We suggest that correcting for these biases may improve the accuracy of estimated values.
Last Updated Date : 29/05/2016