We call a correspondence, defined on the set of mixed strategy pro les, a generalized best reply correspondence if it (1) has a product structure, (2) is upper hemi-continuous, (3) always includes a best reply to any mixed strategy pro le, and (4) is convex- and closed-valued. For each...

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...

We call a correspondence, defined on the set of mixed strategy pro les, a generalized best reply correspondence if it (1) has a product structure, (2) is upper hemi-continuous, (3) always includes a best reply to any mixed strategy pro le, and (4) is convex- and closed-valued. For each...

We call a correspondence, defined on the set of mixed strategy proles, a generalized best reply correspondence if it (1) has a product structure, (2) is upper hemi-continuous, (3) always includes a best reply to any mixed strategy prole, and (4) is convex- and closed-valued. For each generalized...

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...

We characterize the smallest faces of the polyhedron of strategy profiles that could possibly be made asymptotically stable under some reasonable deterministic dynamics. These faces are Kalai and Samet's (1984) persistent retracts and are spanned by Basu and Weibull's (1991) CURB sets based on a...

We report an experiment on a decision task by SAMUELSON and BAZERMAN (1985). Subjects submit a bid for an item with an unknown value. A winner’s curse phenomenon arises when subjects bid too high and make losses. Learning direction theory can account for this. However, other influences on...

The paper deals with bounded rationality understood in the tradition of H.A. Simon. Fundamental problems and theoretical issues are discussed. Special emphasis is put on aspiration adaptation theory. Further remarks concern basic models of decision behavior (like learning and expectation...

The rational expectations hypothesis is supported if rational expectations are stable with respect to reasonable learning procedures. We consider the Stochastic Gradient-Algorithm as a boundedly rational learning procedure in an univariate ARX-Model with forecast feedback. We prove that whenever...

In consectutive rounds, each agent in a finite population chooses an action, is randomly matched, obtains a payoff and then observes the performance of another agent. An agent determines future behavior based on the information she receives from the present round. She chooses among the...