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Which one should I imitate?

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  • Schlag, Karl H.

Abstract

We consider the model of social learning by Schlag (1996). Individuals must repeatedly choose an action in a multi-armed bandit. We assume that each indivdiual observes the outcomes of two other individuals' choices before her own next choice must be made -- the original model only allows for one observation. Selection of optimal behavior yields a variant of the proportional imitation rule -- the optimal rule based on one observation. When each individual uses this rule then the adaptation of actions in an infinite population follows an aggregate monotone dynamic.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 31 (1999)
Issue (Month): 4 (May)
Pages: 493-522

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Handle: RePEc:eee:mateco:v:31:y:1999:i:4:p:493-522

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  1. Karl H. Schlag, 1995. "Why Imitate, and if so, How? A Bounded Rational Approach to Multi-Armed Bandits," Discussion Paper Serie B 361, University of Bonn, Germany, revised Mar 1996.
  2. Eshel, I. & Samuelson, L. & Shaked, A., 1996. "Altruists, Egoists and Hooligans in a Local Interaction Model," Working papers 9612r, Wisconsin Madison - Social Systems.
  3. Jonas Bjoernerstedt & Karl H. Schlag, . "On the Evolution of Imitative Behavior," ELSE working papers 029, ESRC Centre on Economics Learning and Social Evolution.
  4. Fudenberg, Drew & Ellison, Glenn, 1995. "Word-of-Mouth Communication and Social Learning," Scholarly Articles 3196300, Harvard University Department of Economics.
  5. Samuelson, L. & Zhang, J., 1990. "Evolutionary Stability In Symmetric Games," Working papers 90-24, Wisconsin Madison - Social Systems.
  6. Samuelson, Larry & Zhang, Jianbo, 1992. "Evolutionary stability in asymmetric games," Journal of Economic Theory, Elsevier, vol. 57(2), pages 363-391, August.
  7. Dan Friedman, 2010. "Evolutionary Games in Economics," Levine's Working Paper Archive 392, David K. Levine.
  8. Rothschild, Michael, 1974. "A two-armed bandit theory of market pricing," Journal of Economic Theory, Elsevier, vol. 9(2), pages 185-202, October.
  9. Friedman, Daniel, 1991. "Evolutionary Games in Economics," Econometrica, Econometric Society, vol. 59(3), pages 637-66, May.
  10. L. Samuelson & J. Zhang, 2010. "Evolutionary Stability in Asymmetric Games," Levine's Working Paper Archive 453, David K. Levine.
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