Reinhard Selten (Center for Interdisciplinary Research, University of Bielefeld) Axel Ostmann (Center for Interdisciplinary Research, University of Bielefeld)
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The paper presents the concept of an "imitation equilibrium" and explores it in the context of some simple oligopoly models. The concept applies to normal form games enriched by a "reference structure" specifying a "reference group" for every player. The reference group is a set of other players, whom the player may consider to imitate. Some of these players may not be suitable for imitation for various reasons. Only one of the most adoption of the imitated player's strategy. Imitation equilibrium does not only mean absence of imitation opportunities but also stability against exploratory deviations of "success leaders!, i.e. players most successful in their reference groups. Exploration declenches a process of imitation which either leads back to imitation equilibrium directly or by a "return path" after an unsuccessful deviation. The imitation equilibrium concept is motivated by the experimental literature which suggests that under appropriate conditions imitation of the most successful relevant other is an important behavioral force. The concept may be useful for the evaluation of experimental data and for the planning of future experiments.
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Article provided by Institute of SocioEconomics in its journal Homo Oeconomicus.
Volume (Year): 18 (2001) Issue (Month): () Pages: 111-149 Download reference. The following formats are available: HTML,
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Klaus Abbink & Jordi Brandts, 2002.
"24,"
UFAE and IAE Working Papers
523.02, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
[Downloadable!]
Jose Apestgeguia & Steffen Huck & Jörg Oechssler, 2005.
"Imitation - Theory and Experimental Evidence,"
Discussion Papers
54, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
[Downloadable!]