Satisficing and optimality in 2þ2 common interest games
AbstractThe paper studies the evolution of cooperation when satisficing players repeatedly play a symmetric two-by-two game of common interest. We show that if initial aspiration levels are sufficiently close to the efficient payoff and aspiration adjusts at a sufficiently slow speed then the unique long run state will be the efficient outcome. In the special case of coordination games, the more tension there is between payoff dominance and risk dominance, the longer it takes for the system to lock into the payoff dominant outcome.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 13 (1999)
Issue (Month): 2 ()
Note: Received: June 23, 1997; revised version: November 19, 1997
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
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- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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- Siegfried Berninghaus & Werner Güth & M. Vittoria Levati & Jianying Qiu, 2006.
"Satisficing in sales competition: experimental evidence,"
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2006-32, Max Planck Institute of Economics, Strategic Interaction Group.
- Siegfried Berninghaus & Werner G?th & M. Vittoria Levati & Jianying Qiu, 2009. "Satisficing in sales competition: experimental evidence," Working Papers 2009-14, Faculty of Economics and Statistics, University of Innsbruck.
- Berninghaus, Siegfried K. & Gueth, Werner & Levati, M. Vittoria & Qiu, Jianying, 2007. "Satisficing in sales competition: experimental evidence," Sonderforschungsbereich 504 Publications 07-03, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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