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Evolutionary stability of prospect theory preferences
Rieger, Marc Oliver - 2009
We demonstrate that in simple 2 X 2 games (cumulative) prospect theory preferences can be evolutionarily stable, i.e. a … population of players with prospect theory preferences can not be invaded by more rational players. This holds also if …
Persistent link: https://www.econbiz.de/10010272561
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Refined best reply correspondence and dynamics
Balkenborg, Dieter; Hofbauer, Josef; Kuzmics, Christoph - 2011
We call a correspondence, defined on the set of mixed strategy profiles, a generalized best reply correspondence if it has (1) a product structure, is (2) upper semi-continuous, (3) always includes a best reply to any mixed strategy profile, and is (4) convex- and closed-valued. For each...
Persistent link: https://www.econbiz.de/10010319961
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Learning to Play Approximate Nash Equilibria in Games with Many Players
Cartwright, Edward - 2004
We illustrate one way in which a population of boundedly rational individuals can learn to play an approximate Nash equilibrium. Players are assumed to make strategy choices using a combination of imitation and innovation. We begin by looking at an imitation dynamic and provide conditions under...
Persistent link: https://www.econbiz.de/10011324955
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Neutrally Stable Outcomes in Cheap Talk Games
Banerjee, Abhijit; Weibull, Jörgen W. - 1996
This paper examines equilibrium and stability in symmetric two-player cheap-talk games. In particular, we characterize the set of neutrally stable outcomes in finite cheap-talk 2 x 2 coordination games. This set is finite and functionally independent of risk-dominance relations. As the number of...
Persistent link: https://www.econbiz.de/10010334873
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Social context and the spread of HIV: An evolutionary game-theoretic investigation on the impacts of social stigma on epidemic outcomes
Ferguson, William D.; Nguyen, Trang Kieu - In: Economies 2 (2014) 3, pp. 171-192
a foundation for numerous theoretical extensions-such as applications to social network theory-as well as foundation for …
Persistent link: https://www.econbiz.de/10011708697
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Nash Equilibrium and Evolution by Imitation
Björnerstedt, Jonas; Weibull, Jörgen W. - 1994
Persistent link: https://www.econbiz.de/10010334675
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The Mass-Action Interpretation of Nash Equilibrium
Weibull, Jörgen W. - 1994
Persistent link: https://www.econbiz.de/10010335026
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Skill reputation, prospect theory, and regret theory
Harbaugh, Richmond - 2002
help explain several anomalies associated with prospect theory, including probability weighting, loss aversion, and framing …. Prospect theory's four-fold pattern of probability weighting predicts that decision makers favor long-shots, avoid near sure … those of prospect theory, they differ in some cases, allowing for tests between the theories. The theoretical predictions …
Persistent link: https://www.econbiz.de/10010272010
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Prospect theory and hedging risks
Broll, Udo; Egozcue, Martín; Wong, Wing-Keung; … - 2010
The prospect theory is one of the most popular decision-making theories. It is based on the S-shaped utility function …, unlike the von Neumann and Morgenstern (NM) theory, which is based on the concave utility function. The S-shape brings in … mathematical challenges: simple extensions and generalizations of NM theory into the prospect theory cannot be frequently achieved …
Persistent link: https://www.econbiz.de/10010301357
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Insurance demand and prospect theory
Schmidt, Ulrich - 2012
time take-up insurance for moderate risks at highly loaded premiums. This paper explores whether prospect theory, in … theory to insurance problems is the choice of the reference point. We motivate and explore two possible reference points …
Persistent link: https://www.econbiz.de/10010286281