Showing 1 - 10 of 120
Global games of regime change - coordination games of incomplete information in which a status quo is abandoned once a sufficiently large fraction of agents attacks it - have been used to study crises phenomena such as currency attacks, bank runs, debt crises, and political change. We extend the...
Persistent link: https://www.econbiz.de/10014194481
We consider an oligopolistic market game, in which the players are competing firm in the same market of a homogeneous consumption good. The consumer side is represented by a fixed demand function. The firms decide how much to produce of a perishable consumption good, and they decide upon a...
Persistent link: https://www.econbiz.de/10014224476
We consider an environment where players are involved in a public goods game and must decide repeatedly whether to make an individual contribution or not. However, players lack strategically relevant information about the game and about the other players in the population. The resulting behavior...
Persistent link: https://www.econbiz.de/10013029484
Various approaches used in Agent-based Computational Economics (ACE) to model endogenously determined interactions between agents are discussed. This concerns models in which agents not only (learn how to) play some (market or other) game, but also (learn to) decide with whom to do that (or not).
Persistent link: https://www.econbiz.de/10014024384
This chapter reviews recent experimental data testing game theory and behavioral models that have been inspired to explain those data. The models fall into four groups: in cognitive hierarchy or level- k models, the assumption of equilibrium is relaxed by assuming agents have beliefs about other...
Persistent link: https://www.econbiz.de/10014025449
We study a two-player game of strategic experimentation with private information in which agents choose the timing of risky investments. Agents learn about future returns through privately observed signals, others' investment decisions and from public experimentation outcomes when returns are...
Persistent link: https://www.econbiz.de/10012896666
Global games of regime change – coordination games of incomplete information in which a status quo is abandoned once a sufficiently large fraction of agents attacks it – have been used to study crises phenomena such as currency attacks, bank runs, debt crises, and political change. We extend...
Persistent link: https://www.econbiz.de/10008665284
We consider a simple model that combines elements of search and social learning. Acting in sequence, and observing the action adopted by a previous agent, agents must search for an action. We explore why agent heterogeneity may increase expected payoffs and demonstrate that social learning may...
Persistent link: https://www.econbiz.de/10003491166
We derive conditions on the learning environment - which encompasses both Bayesian and non-Bayesian processes - ensuring that an efficient allocation of resources is achievable in a dynamic allocation environment where impatient, privately informed agents arrive over time, and where the designer...
Persistent link: https://www.econbiz.de/10013159388
Utilizing the well-known Ultimatum Game, this note presents the following phenomenon. If we start with simple stimulus- response agents, learning through naive reinforcement, and then grant them some introspective capabilities, we get outcomes that are not closer but farther away from the fully...
Persistent link: https://www.econbiz.de/10014061002