Adaptive Learning in Imperfect Monitoring Games
AbstractThis paper deals with the problem of specifying a general learning model, the rationality of which is not situation dependent. I propose a very general model of adaptive learning suitable to study learning problems in games with imperfect monitoring, such as extensive form games. In this context I relate adaptive learning with a general notion of equilibrium; in particular I provide a dynamic characterization of Conjectural equilibria: a "stable" strategy profile is consistent with adaptive learning if and only if it is a Conjectural equilibrium. (Copyright: Elsevier)
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Bibliographic InfoArticle provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.
Volume (Year): 2 (1999)
Issue (Month): 2 (April)
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Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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- Lehrer, Ehud, 1992. "On the Equilibrium Payoffs Set of Two Player Repeated Games with Imperfect Monitoring," International Journal of Game Theory, Springer, vol. 20(3), pages 211-26.
- Drew Fudenberg & David K. Levine, 1993.
Levine's Working Paper Archive
2147, David K. Levine.
- Ebbe Hendon & Hans Jorgen Jacobsen & Birgitte Sloth, 1995.
"Adaptive Learning in Extensive Form Games and Sequential Equilibrium,"
95-08, University of Copenhagen. Department of Economics.
- Ebbe Groes & Hans JÛrgen Jacobsen & Birgitte Sloth, 1999. "Adaptive learning in extensive form games and sequential equilibrium," Economic Theory, Springer, vol. 13(1), pages 125-142.
- Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-77, November.
- Mario Gilli, 2002. "Rational Learning in Imperfect Monitoring Games," Working Papers 46, University of Milano-Bicocca, Department of Economics, revised Mar 2002.
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