Continuous-time game dynamics are typically first order systems where payoffs determine the growth rate of the playersʼ strategy shares. In this paper, we investigate what happens beyond first order by viewing payoffs as higher order forces of change, specifying e.g. the acceleration of the...

In a model of incomplete, heterogeneous information, with externalities and strategic interactions, we analyze the possibility for learning to act as coordination device. We build on the framework proposed by Angeletos and Pavan (2007) and extend it to a dynamic multiperiod setting where agents...

We report on an experiment exploring whether and how players may learn to use a random device to coordinate on a correlated equilibrium that Pareto dominates the Nash equilibria of a two-player Battle of the Sexes game. By contrast with other studies exploring recommendations and correlated...

We report experiments designed to test the theoretical possibility, first discovered by Shapley (1964), that in some games learning fails to converge to any equilibrium, either in terms of marginal frequencies or of average play. Subjects played repeatedly in fixed pairings one of two 3 × 3...

This paper examines moral hazard in teams over time. Agents are collectively engaged in an uncertain project, and their individual efforts are unobserved. Free-riding leads not only to a reduction in effort, but also to procrastination. The collaboration dwindles over time, but never ceases as...

We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a sequence of players receives an informative but imperfect signal of the once-and-for-all realization of an unobserved state. The state affects all players' preferences over present...

This paper extends several existing learning models to investigate their fixed points (their long run predictions of play). The fixed points of the model are not necessarily at the Nash equilibria of the payoff matrices but are a function of both the Nash equilibria and the parameters of the...

Experimental data is used to test a variety of learning models using a model that extends several of the existing learning models. Generally, the parameter estimate are in the expected ranges. Individual agent parameter estimates indicate that there is considerable individual heterogeneity....

A well known problem in economics is to describe properly a situation where N agents are repeatedly competing to use the same limited resource. A version of this problem is known in the literature as the El Farol game: week after week N agents face the decision whether to go or not to go to a...

We study investment and consumption decisions in a dynamic game under learning. To that end, we present a model in which agents not only extract a resource for consumption, but also invest in technology to improve the future stock. At the same time, the agents learn about the stochastic process...