Showing 1 - 6 of 6
We analyze the problem of coordinating upon asymmetric equilibria in a symmetric game, such as the battle-of-the-sexes. In repeated interaction, asymmetric coordination is possible possible via symmetric repeated game strategies. This requires that players randomize initially and adopt a...
Persistent link: https://www.econbiz.de/10005407601
We develop a general model of best response adaptation in large populations for symmetric and asymmetric conflicts with role-switching. For special cases including the classical best response dynamics and the symmetrized best response dynamics we show that the set of Nash equilibria is...
Persistent link: https://www.econbiz.de/10005062353
possible in some cases. However, once consumer learning is introduced, the monopoly outcome first found by Diamond (1971) is …
Persistent link: https://www.econbiz.de/10005118556
This paper provides an evolutionary theory of reciprocity as an aspect of preference interdependence. It is shown that reciprocal preferences, which place negative weight on the payoffs of materialists and positive weight on the payoffs of sufficiently altruistic individuals can invade a...
Persistent link: https://www.econbiz.de/10005550958
This paper consider the dynamic evolution of algorithmic (recursive) learning rules in a normal form game. It is shown …
Persistent link: https://www.econbiz.de/10005550961
A standard assumption in the economic approach to individual decision making is that people have independent preferences, that is, they care only about their absolute (material) payoffs. We study equilibria of the classic common pool resource extraction and public good games when some of the...
Persistent link: https://www.econbiz.de/10005118564