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We consider the situation in which individuals in a finite population must repeatedly choose an action yielding an uncertain payoff. Between choices, each individual may observe the performance of one other individual. We search for rules of behavior with limited memory that increase expected...
Persistent link: https://www.econbiz.de/10005636461
The evolutionary basis for predicting the backwards induction solution in generic finite extensive-form games with perfect information is examined. Evolution is modelled using the replicator dynamic in combination with rare mutations that introduce a small change in the proportion of each...
Persistent link: https://www.econbiz.de/10005636459
It is well known for the common multi-population evolutionary dynamics applied to normal form games that a pure strategy combination is asymptotically stable if and only if it is a strict equilibrium point. We extend this result to sets as follows. For certain regular selection dynamics every...
Persistent link: https://www.econbiz.de/10008852264
We consider the situation in which individuals in a finite population must repeatedly choose an action yielding an uncertain payoff. Between choices, each individual may observe the performance of one other individual. We search for rules of behavior with limited memory that increase expected...
Persistent link: https://www.econbiz.de/10004968204
We analyze the evolution of behavioral rules for learning how to play a two-armed bandit. Individuals have no information about the underlying pay-off distributions and have limited memory about their own past experience. Instead they must rely on information obtained trough observing the...
Persistent link: https://www.econbiz.de/10004968221