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We study models of learning in games where agents with limited memory use social information to decide when and how to change their play. When agents only observe the aggregate distribution of payoffs and only recall information from the last period, aggregate play comes close to Nash...
Persistent link: https://www.econbiz.de/10012020295
-run nonequilibrium process of learning, adaptation, and/or imitation. If agents’ strategies are completely observed at the end of each …
Persistent link: https://www.econbiz.de/10008765246
We study the perfect type-contingently public ex-post equilibrium (PTXE) of repeated games with incomplete information where players observe imperfect public signals of the actions and the map from actions to signal distributions is itself unknown. The PTXE payoffs when players are patient are...
Persistent link: https://www.econbiz.de/10014189386
Persistent link: https://www.econbiz.de/10003905384
-run nonequilibrium process of learning, adaptation, and/or imitation. If agents' strategies are completely observed at the end of each …
Persistent link: https://www.econbiz.de/10013069932
Rationalizable partition-confirmed equilibrium (RPCE) describes the steady state outcomes of rational learning in extensive-form games, when rationality is common knowledge and players observe a partition of the terminal nodes. RPCE allows players to make inferences about unobserved play by...
Persistent link: https://www.econbiz.de/10011673255
Most work in evolutionary game theory analyzes a deterministic adjustment process on a continuum of agents. However, both the assumption of a continuum and that of no randomness are approximations, so it is important to study the behavior of adjustment processes on a large but finite population...
Persistent link: https://www.econbiz.de/10014206205
We study models of learning in games where agents with limited memory use social information to decide when and how to change their play. When agents only observe the aggregate distribution of payoffs and only recall information from the last period, aggregate play comes close to Nash...
Persistent link: https://www.econbiz.de/10012215303
We analyze a class of imitation dynamics with mutations for games with any finite number of actions, and give … results cover the multiple-action extensions of the aspiration-and-imitation process of Binmore and Samuelson [3] and the …
Persistent link: https://www.econbiz.de/10012728635
The foundations of incomplete contracts have been questioned using or extending the subgame perfect implementation approach of Moore and Repullo (1988). We consider the robustness of subgame perfect implementation to the introduction of small amounts of asymmetric information. We show that...
Persistent link: https://www.econbiz.de/10005079168