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Many of the applications of game theory have been to economics where the individuals under study are assumed to be maximizing profits or Òutility'' or some other conventional economic goal of Òstatus.'' Loosely stated we think of status as one's position in a society compared with others,...
Persistent link: https://www.econbiz.de/10005790709
Modeling problems for a monetary economy are discussed and some examples are presented in the context of an infinite-horizon economy with one or two types of traders, who use fiat money to buy a single perishable consumption good. Three instances are considered, all with transactions in fiat...
Persistent link: https://www.econbiz.de/10005790869
We investigate the problem of learning to play a generalized rock-paper-scissors game. Each player attempts to improve her average score by adjusting the frequency of the three possible responses. For the zero-sum case the learning process displays Hamiltonian chaos. The learning trajectory can...
Persistent link: https://www.econbiz.de/10005791038
Many of the applications of game theory have been to economics where the individuals under study are assumed to be maximizing profits or Òutility'' or some other conventional economic goal of Òstatus.'' Loosely stated we think of status as one's position in a society compared with others,...
Persistent link: https://www.econbiz.de/10005739896
In Part I we provide a heuristic discussion of the motivation for the investigation of games of status. Here we confine our remarks to several alternative formulations of games of status and to exploring the relationship between these games and the class of simple games, in part using the...
Persistent link: https://www.econbiz.de/10005623610