Redondo, Fernando Vega; Palomino, Frédéric - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1996
This paper proposes an aspiration-based model for (anonymous) cooperation where a large population of agents are re-matched every period to playa Prisoner's Dilemma. At each point in time, agents hold a certain common aspiration level which is updated on the basis of population-average...