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Expedient and Monotone Learning Rules

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  • Tilman Börgers
  • Antonio J. Morales
  • Rajiv Sarin

Abstract

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 are studied: absolute expediency and monotonicity. Both require that some aspect of the decision maker's performance improves from the current period to the next. The paper provides some necessary, and some sufficient conditions for these properties. It turns out that there is a large variety of learning rules that have the properties. However, all learning rules that have these properties are related to the replicator dynamics of evolutionary game theory. For the case in which there are only two actions, it is shown that one of the absolutely expedient learning rules dominates all others. Copyright The Econometric Society 2004.

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File URL: http://hdl.handle.net/10.1111/j.1468-0262.2004.00495.x
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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 72 (2004)
Issue (Month): 2 (03)
Pages: 383-405

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Handle: RePEc:ecm:emetrp:v:72:y:2004:i:2:p:383-405

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References

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  1. David Easley & Aldo Rustichini, 1999. "Choice without Beliefs," Econometrica, Econometric Society, vol. 67(5), pages 1157-1184, September.
  2. Drew Fudenberg & David K. Levine, 1998. "Learning in Games," Levine's Working Paper Archive 2222, David K. Levine.
  3. Tilman B�rgers & Rajiv Sarin, . "Learning Through Reinforcement and Replicator Dynamics," ELSE working papers 051, ESRC Centre on Economics Learning and Social Evolution.
  4. T. Borgers & R. Sarin, 2010. "Naïve Reinforcement Learning With Endogenous Aspirations," Levine's Working Paper Archive 381, David K. Levine.
  5. Cross, John G, 1973. "A Stochastic Learning Model of Economic Behavior," The Quarterly Journal of Economics, MIT Press, vol. 87(2), pages 239-66, May.
  6. Samuelson, L. & Zhang, J., 1991. "Evolutionary Stability in Asymmetric Games," Papers 9132, Tilburg - Center for Economic Research.
  7. Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
  8. Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-81, September.
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Citations

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Cited by:
  1. Hopkins, Ed, 2007. "Adaptive learning models of consumer behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 64(3-4), pages 348-368.
  2. Carlos Oyarzun & Johannes Ruf, 2009. "Monotone imitation," Economic Theory, Springer, vol. 41(3), pages 411-441, December.
  3. Oyarzun, Carlos & Sarin, Rajiv, 2013. "Learning and risk aversion," Journal of Economic Theory, Elsevier, vol. 148(1), pages 196-225.
  4. Stefano Ficco & Vladimir A. Karamychev, 2004. "Information Overload in Multi-Stage Selection Procedures," Tinbergen Institute Discussion Papers 04-077/1, Tinbergen Institute.
  5. Antonio J. Morales Siles, 2002. "Absolute Expediency and Imitative Behaviour," Economic Working Papers at Centro de Estudios Andaluces E2002/03, Centro de Estudios Andaluces.
  6. Oyarzun, Carlos & Sarin, Rajiv, 2012. "Mean and variance responsive learning," Games and Economic Behavior, Elsevier, vol. 75(2), pages 855-866.
  7. Rivas, Javier, 2013. "Cooperation, imitation and partial rematching," Games and Economic Behavior, Elsevier, vol. 79(C), pages 148-162.
  8. Karl H. Schlag, 2007. "Distribution-Free Learning," Economics Working Papers ECO2007/01, European University Institute.
  9. Antonio Morales & Pablo Brañas Garza, 2003. "Computational Errors in Guessing Games1," Economic Working Papers at Centro de Estudios Andaluces E2003/11, Centro de Estudios Andaluces.
  10. Lahkar, Ratul & Seymour, Robert M., 2013. "Reinforcement learning in population games," Games and Economic Behavior, Elsevier, vol. 80(C), pages 10-38.
  11. Carlos Oyarzun & Rajiv Sarin, 2005. "Learning and Risk Aversion," Levine's Bibliography 784828000000000482, UCLA Department of Economics.
  12. John Huyck & Raymond Battalio & Frederick Rankin, 2007. "Selection dynamics and adaptive behavior without much information," Economic Theory, Springer, vol. 33(1), pages 53-65, October.

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