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Introducing Disappointment Dynamics and Comparing Behaviors in Evolutionary Games: Some Simulation Results

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  • Tassos Patokos

    ()
    (University of Hertfordshire, Hertfordshire Business School, Department of Accounting, Finance and Economics, Hatfield, AL10 9AB, UK)

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    Abstract

    The paper presents an evolutionary model, based on the assumption that agents may revise their current strategies if they previously failed to attain the maximum level of potential payoffs. We offer three versions of this reflexive mechanism, each one of which describes a distinct type: spontaneous agents, rigid players, and ‘satisficers’. We use simulations to examine the performance of these types. Agents who change their strategies relatively easily tend to perform better in coordination games, but antagonistic games generally lead to more favorable outcomes if the individuals only change their strategies when disappointment from previous rounds surpasses some predefined threshold.

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    Bibliographic Info

    Article provided by MDPI, Open Access Journal in its journal Games.

    Volume (Year): 5 (2014)
    Issue (Month): 1 (January)
    Pages: 1-25

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    Handle: RePEc:gam:jgames:v:5:y:2014:i:1:p:1-25:d:32689

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    Related research

    Keywords: game theory; reinforcement learning; adaptive procedure; revision protocol; disappointment; simulations;

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    1. Sergiu Hart & Andreu Mas-Colell, 2000. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Econometrica, Econometric Society, vol. 68(5), pages 1127-1150, September.
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    15. Torsten Heinrich & Henning Schwardt, 2013. "Institutional Inertia and Institutional Change in an Expanding Normal-Form Game," Games, MDPI, Open Access Journal, vol. 4(3), pages 398-425, August.
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