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The assumption that decision makers choose actions to maximize their preferences is a central tenet in economics. This assumption is often justified either formally or informally by appealing to evolutionary arguments. In contrast, this paper shows that in almost every game, payoff. maximization...
Persistent link: https://www.econbiz.de/10005062348
In games with strict strategic complementarities, properly mixed Nash equilibria--equilibria that are not in pure strategies--are unstable for a broad class of learning dynamics.
Persistent link: https://www.econbiz.de/10005118650