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Recent literature shows that learning in oligopoly games might in the long run result in the Cournot or in the Walras … equilibrium. Which outcome is achieved seems to depend on the underlying learning dynamics. This paper analyzes the forces behind … the learning mechanisms determining the long run outcome. Apart from the fact that there is a difference between social …
Persistent link: https://www.econbiz.de/10010317627
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...
Persistent link: https://www.econbiz.de/10010319961
results are extended to a model of learning, in which type k plays a k times iterated best response the average of past play …
Persistent link: https://www.econbiz.de/10010281423
This paper examines the learning dynamics of boundedly rational agents, who are asked to voluntarily contribute to a … striking differences between strategies played in the two games are confirmed by simulations, where the learning process is …
Persistent link: https://www.econbiz.de/10010317618
organizational culture fosters the process of learning and competence building and works as a glue between people and the …
Persistent link: https://www.econbiz.de/10010292543
Bergin and Lipman (1996) show that the refinement effect from the random mutations in the adaptive population dynamics in Kandori, Mailath and rob (1993) and Young (1993) is due to restrictions on how these mutation rates vary across population states. We here model mutation rates as...
Persistent link: https://www.econbiz.de/10010334682
. The results show that reinforcement learning leads to dynamics similar to those observed in standard public goods games … explained by reinforcement learning. According to our estimates, learning only accounts for 41 percent of the decay in …, differ strongly from the learning dynamics, while a learning model estimated from the limited information treatment tracks …
Persistent link: https://www.econbiz.de/10010277497
. The results show that reinforcement learning leads to dynamics similar to those observed in standard public goods games … explained by reinforcement learning. According to our estimates, learning only accounts for 41 percent of the decay in …, differ strongly from the learning dynamics, while a learning model estimated from the limited information treatment tracks …
Persistent link: https://www.econbiz.de/10010294798
Recent literature has questioned the existence of a learning foundation for the partially cursed equilibrium. This …
Persistent link: https://www.econbiz.de/10010266678
In this paper we introduce four new learning models: impulse balance learning, impulse matching learning, action …-sampling learning, and payoff-sampling learning. With this models and together with the models of self- tuning EWA learning and … reinforcement learning, we conduct simulations over 12 different 2×2 games and compare the results with experimental data obtained …
Persistent link: https://www.econbiz.de/10010270025