This paper shows that aspiration driven, stochastic learning processes can enable the members of a population to reach more efficient conventions, which are modeled as equilibria of a coordination game. As opposed to adaptation processes based on either myopic optimisation or imitatiing...

Recent experimental simulations have shown that autonomous pricing algorithms are able to learn collusive behavior and thus charge supra-competitive prices without being explicitly programmed to do so. These simulations assume, however, that both firms employ the identical price-setting...