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The Selection of Preferences through Imitation

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Author Info
Cubitt, Robin P
Sugden, Robert

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Abstract

The paper presents a model in which a population of agents repeatedly play games against nature; the rules of behavior followed are revised over time through a process of imitation. For binary decisions, imitation selects rules consistent with a preference relation of the kind proposed by SSB utility theory and regret theory. In general, this preference relation need not satisfy either independence or transitivity; the authors state conditions on imitation necessary for it to do so. For decisions over three or more options, the long-run tendency is for options that are maximally preferred in terms of SSB preferences to be chosen. If no maximally preferred option exists, the process of imitation may not converge. Copyright 1998 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 65 (1998)
Issue (Month): 4 (October)
Pages: 761-71
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Handle: RePEc:bla:restud:v:65:y:1998:i:4:p:761-71

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527

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  1. Klaus Abbink & Jordi Brandts, 2002. "24," UFAE and IAE Working Papers 523.02, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
  2. Carlos Alós-Ferrer & Manfred Nermuth, 2002. "A Comment on "The Selection of Preferences Through Imitation"," Vienna Economics Papers 0207, University of Vienna, Department of Economics. [Downloadable!]
    Other versions:
  3. J. C. R. Alcantud & Carlos Alós-Ferrer, 2002. "Choice-Nash Equilibria," Vienna Economics Papers 0209, University of Vienna, Department of Economics. [Downloadable!]
  4. Colin Camerer, 1998. "Bounded Rationality in Individual Decision Making," Experimental Economics, Springer, vol. 1(2), pages 163-183, September. [Downloadable!] (restricted)
  5. Jordi Brandts & Klaus Abbink, 2004. "24," Levine's Bibliography 122247000000000073, UCLA Department of Economics. [Downloadable!]
  6. Carlos Oyarzun & Johannes Ruf, 2009. "Monotone imitation," Economic Theory, Springer, vol. 41(3), pages 411-441, December. [Downloadable!] (restricted)
  7. Robert Sugden, 2001. "The evolutionary turn in game theory," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(1), pages 113-130, March. [Downloadable!] (restricted)
  8. Martin Jones & Robert Sugden, 2001. "Positive confirmation bias in the acquisition of information," Theory and Decision, Springer, vol. 50(1), pages 59-99, February. [Downloadable!] (restricted)
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