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We investigate games whose Nash equilibria are mixed and are unstable under fictitious play-like learning processes. We show that when players learn using weighted stochastic fictitious play and so place greater weight on more recent experience that the time average of play often converges in...
Persistent link: https://www.econbiz.de/10005369088
different assumptions about the processing of information and optimisation. This paper compares their properties and finds that …
Persistent link: https://www.econbiz.de/10005750728
of the standard model which do not respond to changes in supply or demand. Despite incomplete information, equilibrium …
Persistent link: https://www.econbiz.de/10005750729
We investigate the stability of mixed strategy equilibria in 2 person (bimatrix) games under perturbed best response dynamics. A mixed equilibrium is asymptotically stable under all such dynamics if and only if the game is linearly equivalent to a zero sum game. In this case, the mixed...
Persistent link: https://www.econbiz.de/10005750736
Persistent link: https://www.econbiz.de/10002201189
Persistent link: https://www.econbiz.de/10001625855