AbstractThe 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.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Institute of SocioEconomics in its journal Homo Oeconomicus.
Volume (Year): 18 (2001)
Issue (Month): ()
Contact details of provider:
Postal: Von-Melle-Park 5, 20146 Hamburg
Phone: 49 40 42838-4457
Fax: 49 40 42838-6329
Web page: http://www.uni-hamburg.de/fachbereiche-einrichtungen/fb03/ise/index.html
More information through EDIRC
Other versions of this item:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
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.:
- Fernando Vega-Redondo, 1999. "Markets under bounded rationality: from theory to facts," Investigaciones Economicas, Fundación SEPI, vol. 23(1), pages 3-26, January.
- Steffen Huck & Hans-Theo Normann & Joerg Oechssler, 1997.
"Learning in Cournot Oligopoly - An Experiment,"
Game Theory and Information
9707009, EconWPA, revised 22 Jul 1997.
- James W. Friedman, 1965. "An Experimental Study of Cooperative Duopoly," Cowles Foundation Discussion Papers 192, Cowles Foundation for Research in Economics, Yale University.
- Edward Cartwright, 2004.
"Learning to Play Approximate Nash Equilibria in Games with Many Players,"
2004.85, Fondazione Eni Enrico Mattei.
- Edward Cartwright, 2002. "Learning to play approximate Nash equilibria in games with many players," Levine's Working Paper Archive 506439000000000070, David K. Levine.
- Cartwright, Edward, 2003. "Learning To Play Approximate Nash Equilibria In Games With Many Players," The Warwick Economics Research Paper Series (TWERPS) 671, University of Warwick, Department of Economics.
- Bardsley, Nicholas & Sausgruber, Rupert, 2005. "Conformity and reciprocity in public good provision," Journal of Economic Psychology, Elsevier, vol. 26(5), pages 664-681, October.
- David Chavalarias, 2006. "Metamimetic Games : Modeling Metadynamics in Social Cognition," Post-Print hal-00007743, HAL.
- Cartwright, Edward, 2003. "Imitation and the Emergence of Nash Equilibrium Play in Games with Many Players," The Warwick Economics Research Paper Series (TWERPS) 684, University of Warwick, Department of Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Matthew Braham) The email address of this maintainer does not seem to be valid anymore. Please ask Matthew Braham to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.