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We analyze the evolution of behavioral rules for learning how to play a two-armed bandit. Individuals have no information about the underlying pay-off distributions and have limited memory about their own past experience. Instead they must rely on information obtained through observing the...
Persistent link: https://www.econbiz.de/10005636448
The object of the paper will be to investigate the effect of pre- play communication on the evolution of strategies for playing a given game. Communication is modelled as cheap talk: before the game is played, the players simultaneously exchange messages from some finite set of messages. There...
Persistent link: https://www.econbiz.de/10005636453
We consider the situation in which individuals in a finite population must repeatedly choose an action yielding an uncertain payoff. Between choices, each individual may observe the performance of one other individual. We search for rules of behavior with limited memory that increase expected...
Persistent link: https://www.econbiz.de/10005636461