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We analyze a symmetric n-firm Cournot oligopoly with a heterogeneous population of optimizers and imitators. Imitators mimic the output decision of the most successful firms of the previous round à la Vega-Redondo (1997). Optimizers play a myopic best response to the opponents' previous output....
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Individuals belonging to two large populations are repeatedly randomly matched to play a cyclic "times" game such as Matching Pennies. Between matching rounds, individuals sometimes change their strategy after observing a finite sample of other outcomes within their population. Individuals from...
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We investigate the role and performance of imitative behavior in a class of quantity-setting, Cournot games. Within a framework of evolutionary competition between rational, myopic best-response and imitation heuristics with differential heuristics' costs, we found that the equilibrium stability...
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We study a boundedly rational model of imitation when payoff distributions of actions differ across types of individuals. Individuals observe others’ actions and payoffs, and a comparison signal. One of two inefficiencies always arises: (i) uniform adoption, i.e., all individuals choose the...
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size. -- Bounded rationality ; Evolutionary game theory ; Imitation ; Better replies ; Markov chain ; Stochastic stability …
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