This paper analyzes the question of whether traders learn to coordinate on a trading institution that guarantees market clearing, or whether other market institutions can survive in the long run. While we find that the market clearing institution is indeed always stable under a general class of...

We model the structure of a firm or an organization as a network and consider minimum-effort games played on this network as a metaphor for cooperations failing due to coordination failures. For a family of behavioral rules, including Imitate the Best and the Proportional Imitation Rule, we show...

This paper explores the impact of memory in Cournot oligopolies where firms learn through imitation of success (as suggested in Alchian (1950) and modeled in Vega-Redondo (1997)). As long as memory includes at least one period, the long-run outcomes correspond to all the quantities in the...

We provide existence results for equilibria of games where players employ abstract (non binary) choice rules. Such results are shown to encompass as a relevant instance that of games where players have (non-transitive) SSB (Skew-Symmetric Bilinear) preferences, as will as other well-known...

This paper models asset markets as a game where assets pay according to an arbitrary payoff matrix,investors decide on fractions of wealth to allocate to each asset,and prices result from market clearing. The only pure-strategy Nash equilibrium is to split wealth proportionally to the...

This paper examines the stability of mixed-strategy Nash equilibria of sym- metric games, viewed as population profiles in dynamical systems with learning within a single, finite population. Alternative models of imitation and myopic best reply are considered and combined with different...

This paper addresses the question of what it takes to obtain a well-de?ned extensive form game. Without relying on simplifying ?niteness or discreteness assumptions, we characterize the class of game trees for which (a) extensive forms can be de?ned and (b) all pure strategy combinations induce...

We observe that the imitation dynamics of Cubitt and Sugden (CS) is the same as the Replicator Dynamics for a certain class of games. Known results for such games then permit a more complete analysis of the CS imitaion process, containing their results as special cases, and extending them...