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Co-evolution of Preferences and Information in Simple Games of Trust

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Author Info
Werner Güth
Hartmut Kliemt
Bezalel Peleg

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Abstract

In standard rational choice modelling decisions are made according to given information and preferences. In the model presented here the `information technology' of individual decision-makers as well as their preferences evolve in a dynamic process. In this process decisions are made rationally by players who differ in their informational as well as in their preference type. Relative success of alternative decisions feeds back on the type composition of the population which in turn influences rational decision-making. An indirect evolutionary analysis of an elementary yet important basic game of trust shows that under certain parameter constellations the population dynamics of the evolutionary process specify a unique completely mixed rest point. However, as opposed to previous studies of preference formation in the game of trust there is no convergence to but only circumventing the rest point if the informational status of individuals evolves rather than being chosen strategically. Copyright Verein fü Socialpolitik and Blackwell Publishers Ltd 2000.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-0475.00006
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Article provided by Blackwell Publishing in its journal German Economic Review.

Volume (Year): 1 (2000)
Issue (Month): 1 (02)
Pages: 83-110
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Handle: RePEc:bla:germec:v:1:y:2000:i:1:p:83-110

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  1. Werner Güth & Hartmut Kliemt & Georg v. Wangenheim, 2006. "Verstehen, Verständigung, Vertrag - Ökonomik als Geistes-, Natur- und Staatswissenschaft," Papers on Strategic Interaction 2006-12, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
  2. Daniel Friedman & Nirvikar Singh, 2004. "Vengefulness Evolves in Small Groups," Game Theory and Information 0412005, EconWPA. [Downloadable!]
    Other versions:
  3. Steffen Huck & Georg Kirchsteiger & Jörg Oechssler, 2003. "Learning to Like What You Have - Explaining the Endowment Effect," Bonn Econ Discussion Papers bgse5_2003, University of Bonn, Germany. [Downloadable!]
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  4. Friedman, Daniel & Singh, Nirvikar, 2007. "Equilibrium Vengeance," MPRA Paper 4321, University Library of Munich, Germany. [Downloadable!]
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  5. Anders Poulsen & Gert Svendsen, 2005. "Social Capital and Endogenous Preferences," Public Choice, Springer, vol. 123(1), pages 171-196, April. [Downloadable!] (restricted)
  6. Possajennikov, Alex, 2002. "Two-Speed Evolution of Strategies and Preferences in Symmetric Games," Sonderforschungsbereich 504 Publications 02-03, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
    Other versions:
  7. Ernan Haruvy & Dale Stahl, 2004. "Level-n Bounded Rationality on a Level Playing Field of Sequential Games," Econometric Society 2004 North American Winter Meetings 126, Econometric Society. [Downloadable!]
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