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What modern game theorists describe as 'fictitious play' is not the learning process George W. Brown defined in his 1951 paper. His original version differs in a subtle detail, namely the order of belief updating. In this note we revive Brown's original fictitious play process and demonstrate...
Persistent link: https://www.econbiz.de/10005062395
Fictitious play is the classical myopic learning process, and games with strategic complementarities are an important class of games including many economic applications. Knowledge about convergence properties of fictitious play in this class of games is scarce, however. Beyond dominance...
Persistent link: https://www.econbiz.de/10005407536
Fictitious play is the oldest and most studied learning process for games. Since the already classical result for zero-sum games, convergence of beliefs to the set of Nash equilibria has been established for some important classes of games, including weighted potential games, supermodular games...
Persistent link: https://www.econbiz.de/10005550859
It is known that every continuous time fictitious play process approaches equilibrium in every nondegenerate 2x2 and 2x3 game, and it has been conjectured that convergence to equilibrium holds generally for 2xn games. We give a simple geometric proof of this.
Persistent link: https://www.econbiz.de/10005550959
Productivity were the Essence of the Administrative strategy of Mrs. Indira Gandhi (Late Prime Minister of India). These approaches …
Persistent link: https://www.econbiz.de/10005076600
This work attempts to shed light on the “information technology productivity paradox”. Employing a large data set of … Italian manufacturing firms we compute ICT marginal productivity across different cluster of firms and the impact of …/introduction behaviour and firm’s technological investment aptitude have any role in explaining ICT productivity. We find that low capital …
Persistent link: https://www.econbiz.de/10005076878
The Malmquist productivity index has many attractive features. One is that it decomposes into a technical efficiency … bias index makes no contribution to productivity change. …
Persistent link: https://www.econbiz.de/10005077048
In the Domain of Development Economics, Productivity is represented by Output to Input Ratio & Management Decisions … InputQuantum ratio also for a favourable condition. This is presented in 2.Part1:Expanded Productivity Algebraic Model Part2 …:Integrated Management Decision Algebraic Model. CONCEPTS DERIVED :- (SED=SOCIO- ECONOMIC DEVELOPMENT UNITS)01.PRODUCTIVITY …
Persistent link: https://www.econbiz.de/10005077079
Examines the productivity performance of the wholesale and retail trade sectors in light of their significant … contribution to Australia’s record productivity performance in the 1990s. Fundamental changes in the nature and operations of … wholesale trade, in particular, have brought marked improvements in productivity performance over the 1990s. The paper examines …
Persistent link: https://www.econbiz.de/10005124857
We describe the relation between welfare growth and productivity growth. We argue that differences in productivity and … productivity growth between sectors or countries are irrelevant from a policy perspective. Specialisation is based on the … comparative advantages of countries. Since, by nature, some sectors witness higher productivity growth than others, so do …
Persistent link: https://www.econbiz.de/10005124907