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Duersch, Peter; Oechssler, Jörg; Schipper, Burkhard - In: International Journal of Game Theory 43 (2014) 1, pp. 25-36

We characterize the class of symmetric two-player games in which tit-for-tat cannot be beaten even by very sophisticated opponents in a repeated game. It turns out to be the class of exact potential games. More generally, there is a class of simple imitation rules that includes tit-for-tat but...

Persistent link: https://www.econbiz.de/10010993382

Unbeatable imitation

Duersch, Peter; Oechssler, Jörg; Schipper, Burkhard C. - In: Games and Economic Behavior 76 (2012) 1, pp. 88-96

We show that for many classes of symmetric two-player games, the simple decision rule “imitate-if-better” can hardly be beaten by any strategy. We provide necessary and sufficient conditions for imitation to be unbeatable in the sense that there is no strategy that can exploit imitation as a...

Persistent link: https://www.econbiz.de/10011049802

The decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations

Orphanides, Athanasios; Williams, John C. - Center for Financial Studies - 2004

policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …

Persistent link: https://www.econbiz.de/10010958612

Loss of commitment? An evolutionary analysis of Bagwell's example

Oechssler, Jörg; Schlag, Karl H. - Sonderforschungsbereich 373, Quantifikation und … - 1997

of evolutionary and learning processes in this game. Only the continuous best response dynamic uniquely selects the …

Persistent link: https://www.econbiz.de/10010983849

The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations

Orphanides, Athanasios; Williams, John C. - 2004

, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the achievement …

Persistent link: https://www.econbiz.de/10011604383

Robust monetary policy with imperfect knowledge

Orphanides, Athanasios; Williams, John C. - 2007

: rational expectations and learning. We show that in this environment the ability to stabilize the real side of the economy is … private learning and misperceptions of natural rates call for greater policy inertia, a more aggressive response to inflation … economy. We show that such policies are quite robust to potential misspecification of private sector learning and the …

Persistent link: https://www.econbiz.de/10011604810

Rage Against the Machines: How Subjects Learn to Play Against Computers

Dürsch, Peter; Kolb, Albert; Oechssler, Jörg; … - 2005

number of standard learning algorithms. The learning theories are (unbeknown to subjects) a best response process, fictitious … play, imitation, reinforcement learning, and a trial & error process. We test whether subjects try to influence those … and that all learning algorithms are subject to exploitation with the notable exception of imitation. The experiment was …

Persistent link: https://www.econbiz.de/10010263153

Rage Against the Machines: How Subjects Learn to Play Against Computers

Dürsch, Peter; Kolb, Albert; Oechssler, Jörg; … - 2005

Persistent link: https://www.econbiz.de/10011422135

Unbeatable Imitation

Duersch, Peter; Oechssler, Jörg; Schipper, Burkhard C. - 2010

We show that for many classes of symmetric two-player games, the simple decision rule "imitate-the-best" can hardly be beaten by any other decision rule. We provide necessary and sufficient conditions for imitation to be unbeatable and show that it can only be beaten by much in games that are of...

Persistent link: https://www.econbiz.de/10011422207

Once Beaten, Never Again: Imitation in Two-Player Potential Games

Duersch, Peter; Oechssler, Jörg; Schipper, Burkhard C. - 2012

We show that in symmetric two-player exact potential games, the simple decision rule "imitate-if-better" cannot be beaten by any strategy in a repeated game by more than the maximal payoff difference of the one-period game. Our results apply to many interesting games including examples like 2x2...

Persistent link: https://www.econbiz.de/10011422230