Showing 1 - 10 of 137
The standard state-spaces of asymmetric information preclude non-trivial forms of unawareness (Modica and Rustichini, 1994, Dekel, Lipman and Rustichini, 1998). We introduce a generalized state-space model that allows for non-trivial unawareness among several individuals, and which satisfies...
Persistent link: https://www.econbiz.de/10010366550
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....
Persistent link: https://www.econbiz.de/10010366551
We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2011a) as primitives in the Anscombe-Aumann approach to subjective expected utility. We observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10013133766
number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious … play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those … and that all learning algorithms are subject to exploitation with the notable exception of imitation. The experiment was …
Persistent link: https://www.econbiz.de/10010366554
We present a formal model of 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 a la Vega-Redondo (1997). Optimizers play a myopic best response to the opponents'...
Persistent link: https://www.econbiz.de/10014104403
We present a formal model of symmetric n-firm Cournot oligopoly with a heterogeneous population of profit optimizers and imitators. Imitators mimic the output decision of the most successful firms of the previous round a la Vega-Redondo (1997). Optimizers play myopic best response to the...
Persistent link: https://www.econbiz.de/10004968446
We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2011a) as primitives in the Anscombe-Aumann approach to subjective expected utility. We observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10009542461
It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should … players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic …" or that could "learn itself". Rather, a player has an incentive to strategically teach such a learning opponent in order …
Persistent link: https://www.econbiz.de/10012971885
It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should … players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic …" or that "could learn itself". Rather, a player has an incentive to strategically teach such a learning opponent in order …
Persistent link: https://www.econbiz.de/10010516648
It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should … players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic … that could "learn itself". Rather, a player has an incentive to strategically teach such a learning opponent in order to …
Persistent link: https://www.econbiz.de/10011764914