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Beatable imitation in symmetric games with perturbed payoffs

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  • Tsakas, Nikolas

Abstract

In a recent paper, Duersch et al. (2012) showed that in a rather broad class of repeated symmetric two-player games, a player who uses the simple “imitate-if-better” heuristic cannot be subject to a money pump. In this paper, we extend the analysis to games with randomly perturbed payoffs and we show that this result is not robust to, even arbitrarily small, payoff perturbations. In particular, we provide a necessary and sufficient condition that characterizes the class of perturbed games in which the imitator can be subject to a money pump.

Suggested Citation

  • Tsakas, Nikolas, 2015. "Beatable imitation in symmetric games with perturbed payoffs," Mathematical Social Sciences, Elsevier, vol. 74(C), pages 34-40.
    • Handle: RePEc:eee:matsoc:v:74:y:2015:i:c:p:34-40
    DOI: 10.1016/j.mathsocsci.2014.12.005
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    References listed on IDEAS

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    1. Hehenkamp, Burkhard & Kaarbøe, Oddvar M., 2003. "Imitators and Optimizers in a Changing Environment," Working Papers in Economics 03/03, University of Bergen, Department of Economics.
    2. Schipper, Burkhard C., 2009. "Imitators and optimizers in Cournot oligopoly," Journal of Economic Dynamics and Control, Elsevier, vol. 33(12), pages 1981-1990, December.
    3. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, December.
    4. Duersch, Peter & Oechssler, Jörg & Schipper, Burkhard C., 2012. "Unbeatable imitation," Games and Economic Behavior, Elsevier, vol. 76(1), pages 88-96.
    5. Duersch, Peter & Oechssler, Jörg & Schipper, Burkhard C., 2012. "Unbeatable imitation," Games and Economic Behavior, Elsevier, vol. 76(1), pages 88-96.
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    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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