This paper examines the steady states of an overlapping generations economy with a given distribution of household locations over a one-dimensional interval. Parents decide whether or not to educate their children. Educational decisions are affected by location: There are local complementarities...

Abstract We study long run implications of reinforcement learning when two players repeatedly interact with one another over multiple rounds to play a finite action game. Within each round, the players play the game many successive times with a fixed set of aspirations used to evaluate payoff...

We model political parties as adaptive decision-makers who compete in a sequence of elections. The key assumptions are that <italic>winners satisfice</italic> (the winning party in period <italic>t</italic> keeps its platform in <italic>t</italic> + 1) while <italic>losers search</italic>. Under fairly mild assumptions about losers' search rules, we show that...

Learning-by-doing and increasing returns are often perceived to have similar implications for market structure and conduct. The authors analyze this in the context of an infinite-horizon, price-setting game. Learning is shown to not reduce the viability of market-sharing collusion between a...