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equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a … fourth strategy, Dumb. Nash equilibrium places a weight of 1/2 on Dumb in both games, but the TASP places no weight on Dumb …
Persistent link: https://www.econbiz.de/10010288137
We investigate games whose Nash equilibria are mixed and are unstable under fictitious play-like learning processes. We … experience that the time average of play often converges in these “unstable” games, even while mixed strategies and beliefs … continue to cycle. This time average is related to the best response cycle first identified by Shapley (1964). For many games …
Persistent link: https://www.econbiz.de/10005369088
Society often allocates valuable resources - such as prestigious positions, salaries, or marriage partners - via tournament-like institutions. In such situations, inequality affects incentives to compete and hence has a direct effect on equilibrium choices and hence material outcomes. We...
Persistent link: https://www.econbiz.de/10005086771
Society often allocates valuable resources - such as prestigious positions, salaries, or marriage partners - via tournament-like institutions. In such situations, inequality affects incentives to compete and hence has a direct effect on equilibrium choices and hence material outcomes. We...
Persistent link: https://www.econbiz.de/10010552369
equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a … fourth strategy, Dumb. Nash equilibrium places a weight of 1/2 on Dumb in both games, but the TASP places no weight on Dumb …
Persistent link: https://www.econbiz.de/10010552413
Persistent link: https://www.econbiz.de/10014337957
strategy, Dumb. The unique Nash equilibrium places a weight of 1/2 on Dumb in both games, but in one game the NE is stable …
Persistent link: https://www.econbiz.de/10008531900
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 games, each having a unique Nash equilibrium in mixed strategies. The …
Persistent link: https://www.econbiz.de/10005101118
Reinforcement learning and stochastic fictitious play are apparent rivals as models of human learning. They embody quite different assumptions about the processing of information and optimisation. This paper compares their properties and finds that they are far more similar than was thought. In...
Persistent link: https://www.econbiz.de/10005750724
Reinforcement learning and stochastic fictitious play are apparent rivals as models of human learning. The embody quite different assumptions about the processing of information and optimisation. This paper compares their properties and finds that they are far more similar than were thought. In...
Persistent link: https://www.econbiz.de/10005750728