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Clever agents in adaptive learning

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  • Matros, Alexander

Abstract

Saez-Marti and Weibull [4] investigate the consequences of letting some agents play a myopic best reply to the myopic best reply in Young's [8] bargaining model. This is how they introduce ''cleverness'' of players. We analyze such clever agents in general finite two-player games. We show that Young's [9] prediction is robust: adaptive learning with clever agents does select the same minimal curb set as in the absence of clever agents, if their population share is less than one. However, the long-run strategies distribution in such a curb set may vary with the share of clever agents.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 111 (2003)
Issue (Month): 1 (July)
Pages: 110-124

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Handle: RePEc:eee:jetheo:v:111:y:2003:i:1:p:110-124

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Web page: http://www.elsevier.com/locate/inca/622869

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References

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  1. Weibull, Jörgen W. & Saez-Marti, Maria, 1998. "Clever Agents in Young's Evolutionary Bargaining Model," Working Paper Series 507, Research Institute of Industrial Economics.
  2. Basu, K. & Weibull, J., 1990. "Strategy Subsets Closed Under Rational Behavior," Papers 62, Princeton, Woodrow Wilson School - Discussion Paper.
  3. Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February.
  4. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  5. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
  6. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
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Cited by:
  1. Alexander Matros, 2006. "Altruistic Versus Rational Behavior in a Public Good Game," Working Papers 309, University of Pittsburgh, Department of Economics, revised Sep 2008.
  2. Josephson, Jens, 2009. "Stochastic adaptation in finite games played by heterogeneous populations," Journal of Economic Dynamics and Control, Elsevier, vol. 33(8), pages 1543-1554, August.
  3. Matros, Alexander, 2012. "Altruistic versus egoistic behavior in a Public Good game," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 642-656.
  4. Andriy Zapechelnyuk, 2009. "Limit Behavior of No-regret Dynamics," Discussion Papers 21, Kyiv School of Economics.

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