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Learning, bounded memory, and inertia

This paper considers bounded-memory players in a coordination game, who imitate the most successful remembered actions. With exogenous inertia, risk-dominant equilibria are selected independently of the length of memory. Without inertia, Pareto-dominant equilibria arise when memory is long enough.
Year of publication:
2008
Authors: Alós-Ferrer, Carlos
Published in:
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 101.2008, 2, p. 134-136
Publisher: Elsevier
Subject: Imitation Inertia Learning Memory Mutations
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10005307496
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