In this paper I define an evolutionary stability criterion for learning rules. Using Monte Carlo simulations, I then apply this criterion to a class of learning rules that can be represented by Camerer and Ho's (1999) model of learning. This class contains perturbed versions of reinforcement and...

Players may categorize the strategies available to them. In many games there are different ways to categorize one's strategies (different frames) and which ones players use has implications for the outcomes realized. This paper proposes a model of agents who learn which frames to use through...

Players may categorize the strategies available to them. In many games there are different ways to categorize one's strategies (different frames) and which ones players use has implications for the outcomes realized. This paper proposes a model of agents who learn which frames to use through...

In this paper I define an evolutionary stability criterion for learning rules. Using Monte Carlo simulations, I then apply this criterion to a class of learning rules that can be represented by Camerer and Ho's (1999) model of learning. This class contains perturbed versions of reinforcement and...

The advent of reinforcement learning (RL) in financial markets is driven by several advantages inherent to this field of artificial intelligence. In particular, RL allows to combine the "prediction" and the "portfolio construction" task in one integrated step, thereby closely aligning the...

A novel debate within competition policy and regulation circles is whether autonomous machine learning algorithms may learn to collude on prices. We show that when firms face short-run price commitments, independent Q-learning (a simple but well-established self-learning algorithm) learns to...

The author sets up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are...