Adaptive Heuristics

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Adaptive Heuristics

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Sergiu Hart

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Sergiu Hart

Abstract

We exhibit a large class of simple rules of behavior, which we call adaptive heuristics, and show that they generate rational behavior in the long run. These adaptive heuristics are based on natural regret measures, and may be viewed as a bridge between rational and behavioral viewpoints. Taken together, the results presented here establish a solid connection between the dynamic approach of adaptive heuristics and the static approach of correlated equilibria. Copyright The Econometric Society 2005.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 73 (2005)
Issue (Month): 5 (09)
Pages: 1401-1430
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Handle: RePEc:ecm:emetrp:v:73:y:2005:i:5:p:1401-1430

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Paper
- Sergiu Hart, 2004. "Adaptive Heuristics," Discussion Paper Series dp372, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]
- Sergiu Hart, 2004. "Adaptive Heuristics," Levine's Bibliography 122247000000000471, UCLA Department of Economics. [Downloadable!]

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January. [Downloadable!] (restricted)
Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Sergiu Hart & Andreu Mas-Colell, 2004. "Stochastic Uncoupled Dynamics and Nash Equilibrium," Economics Working Papers 783, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
Other versions:
- Sergiu Hart & Andreu Mas-Colell, 2004. "Stochastic Uncoupled Dynamics and Nash Equilibrium," Discussion Paper Series dp371, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]
- Sergiu Hart & Andreu Mas-Colell, 2004. "Stochastic Uncoupled Dynamics and Nash Equilibrium," Levine's Bibliography 122247000000000466, UCLA Department of Economics. [Downloadable!]
- Hart, Sergiu & Mas-Colell, Andreu, 2006. "Stochastic uncoupled dynamics and Nash equilibrium," Games and Economic Behavior, Elsevier, vol. 57(2), pages 286-303, November. [Downloadable!] (restricted)
Viossat, Yannick, 2006. "The Geometry of Nash Equilibria and Correlated Equilibria and a Generalization of Zero-Sum Games," Working Paper Series in Economics and Finance 641, Stockholm School of Economics. [Downloadable!]
Fabrizio Germano & Gábor Lugosi, 2004. "Global Nash Convergence of Foster and Young's Regret Testing," Economics Working Papers 788, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
Other versions:
- Germano, Fabrizio & Lugosi, Gabor, 2007. "Global Nash convergence of Foster and Young's regret testing," Games and Economic Behavior, Elsevier, vol. 60(1), pages 135-154, July. [Downloadable!] (restricted)
Rene Saran & Roberto Serrano, 2007. "The Evolution of Bidding Behavior in Private-Values Auction and Double Auctions," Working Papers 2007-01, Brown University, Department of Economics. [Downloadable!]
Other versions:
- Roberto Serrano & Rene Saran, 2007. "The Evolution Of Bidding Behavior In Private-Values Auctions And Double Auctions," Working Papers wp2007_0712, CEMFI. [Downloadable!]
- Rene Saran & Roberto Serrano, 2007. "The evolution of bidding behavior in private-values auctions and double auctions," Working Papers 2007-10, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales. [Downloadable!]
Edward Cartwright & Myrna Wooders, 2005. "Correlated Equilibrium and Behavioral Conformity," Working Papers 0526, Department of Economics, Vanderbilt University. [Downloadable!]
Other versions:
- Cartwright, Edward & Wooders, Myrna, 2005. "Correlated equilibrium and behavioural conformity," The Warwick Economics Research Paper Series (TWERPS) 732, University of Warwick, Department of Economics. [Downloadable!]
Karl H. Schlag & Andriy Zapechelnyuk, 2009. "Decision Making in Uncertain and Changing Environments," Levine's Working Paper Archive 814577000000000259, David K. Levine. [Downloadable!]
Other versions:
- Karl Schlag & Andriy Zapechelnyuk, 2009. "Decision Making in Uncertain and Changing Environments," Discussion Papers 19, Kyiv School of Economics. [Downloadable!]
- Karl Schlag & Andriy Zapechelnyuk, 2009. "Decision Making in Uncertain and Changing Environments," Economics Working Papers 1160, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
Sergiu Hart & Yishay Mansour, 2006. "The Communication Complexity of Uncoupled Nash Equilibrium Procedures," Levine's Bibliography 122247000000001299, UCLA Department of Economics. [Downloadable!]
Other versions:
- Sergiu Hart & Yishay Mansour, 2006. "The Communication Complexity of Uncoupled Nash Equilibrium Procedures," Discussion Paper Series dp419, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]

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