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The Selection of Preferences through Imitation

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  • Cubitt, Robin P
  • Sugden, Robert

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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Bibliographic Info

Article provided by Wiley Blackwell 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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Cited by:
  1. Colin Camerer, 1998. "Bounded Rationality in Individual Decision Making," Experimental Economics, Springer, vol. 1(2), pages 163-183, September.
  2. Manfred Nermuth & Carlos Alos-Ferrer, 2003. "A comment on "The selection of preferences through imitation"," Economics Bulletin, AccessEcon, vol. 3(7), pages 1-9.
  3. Martin Jones & Robert Sugden, 2001. "Positive confirmation bias in the acquisition of information," Theory and Decision, Springer, vol. 50(1), pages 59-99, February.
  4. repec:ebl:ecbull:v:3:y:2003:i:7:p:1-9 is not listed on IDEAS
  5. Carlos Oyarzun & Johannes Ruf, 2009. "Monotone imitation," Economic Theory, Springer, vol. 41(3), pages 411-441, December.
  6. Klaus Abbink & Jordi Brandts, 0000. "24," Working Papers 62, Barcelona Graduate School of Economics.
    • 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).
    • Jordi Brandts & Klaus Abbink, 2004. "24," Levine's Bibliography 122247000000000073, UCLA Department of Economics.
  7. Alcantud, J. C. R., 2002. "Non-binary choice in a non-deterministic model," Economics Letters, Elsevier, vol. 77(1), pages 117-123, September.
  8. J. C. R. Alcantud & Carlos Alós-Ferrer, 2002. "Choice-Nash Equilibria," Vienna Economics Papers 0209, University of Vienna, Department of Economics.
  9. Abbink, Klaus & Brandts, Jordi, 2008. "24. Pricing in Bertrand competition with increasing marginal costs," Games and Economic Behavior, Elsevier, vol. 63(1), pages 1-31, May.
  10. Han Bleichrodt & Jose Luis Pinto, 2004. "The Validity of QALYs Under Non-Expected Utility," Working Papers 113, Barcelona Graduate School of Economics.

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