Learning Purified Mixed Equilibria
Abstractbetter understand when mixed equilibria might arise within populations of interact acting agents, we examine a model of smoothed fictitious play that is designed to capture Harsanyi's "Purification", view of mixed equilibria in a setting with a large population of agents. Our analysis concerns the local stability of equilibria when the degree of heterogeneity in the population is small. In 2 x 2 games our model is easy to analyze and yields the same conclusions as have previous models. Our primary focus is on 3 x 3 games where we provide a general characterization of which equilibria are locally stable, and discuss its implications in several particular cases. Among our conclusions are that learning can sometimes provide a justification for mixed equilibria outside of 2 x 2 games, that whether an equilibrium is stable or unstable is often dependent on the distribution of payoff heterogeneity in the population, that the totally mixed equilibria of zero sum games are generically stable, and that under a "balanced perturbation" condition the equilibria of symmetric games are generically unstable.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 90 (2000)
Issue (Month): 1 (January)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- Glenn Ellison & Drew Fudenberg, 1998. "Learning Purified Mixed Equilibria," Harvard Institute of Economic Research Working Papers 1817, Harvard - Institute of Economic Research.
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.:
- Fudenberg, Drew & Levine, David, 1995.
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3198694, Harvard University Department of Economics.
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- Benaim, Michel & Hirsch, Morris W., 1999. "Mixed Equilibria and Dynamical Systems Arising from Fictitious Play in Perturbed Games," Games and Economic Behavior, Elsevier, vol. 29(1-2), pages 36-72, October.
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