This paper considers learning rules for environments in which little prior and feedback information is available to the decision-maker. Two properties of such learning rules, absolute expediency and monotonicity, are studied. The paper provides some necessary and some sufficient conditions for...

Two agents have to choose one of three alternatives. Their ordinal rankings of these alternatives are commonly known among them. The rankings are diametrically opposed to each other. Ex-ante efficiency requires that they reach a compromise, that is choose the alternative which they both rank...

This paper considers a version of Bush and Mosteller's stochastic learning theory in the context of games. We compare this model of learning to a model of biological evolution. The purpose is to investigate analogies between learning and evolution. We and that in the continuous time limit the...

This risk.paper considers a simple learning process for decision problems under All behaviour change derives from the reinforcing or deterring effect of instantaneous payoff experiences. Payoff experiences are reinforcing or deterring depending on whether the payoff exceeds an aspiration level...