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The evolution of conventions under incomplete information

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Author Info
Mogens Jensen
Birgitte Sloth ()
Hans Whitta-Jacobsen

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Abstract

We formulate an evolutionary learning process with trembles for static games of incomplete information. For many games, if the amount of trembling is small, play will be in accordance with the games’ (strict) Bayesian equilibria most of the time. This supports the notion of Bayesian equilibrium. Often the process will select a specific equilibrium. We study an extension to incomplete information of the prototype conflict known as “Chicken” and find that the equilibrium selection by evolutionary learning may well be in favor of inefficient Bayesian equilibria where some types of players fail to coordinate. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-003-0460-6
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 25 (2005)
Issue (Month): 1 (01)
Pages: 171-185
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Handle: RePEc:spr:joecth:v:25:y:2005:i:1:p:171-185

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Related research
Keywords: Static games of incomplete information; Bayesian games; Evolution; Conventions; Chicken.;

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References listed on IDEAS
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.:
  1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384.
  2. Canning, D., 1992. "Learning Language Conventions in Common Interest Signaling Games," Discussion Papers 1992_22, Columbia University, Department of Economics.
  3. Jacobsen, Hans Jorgen & Jensen, Mogens & Sloth, Birgitte, 2001. "Evolutionary Learning in Signalling Games," Games and Economic Behavior, Elsevier, vol. 34(1), pages 34-63, January. [Downloadable!] (restricted)
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  4. Canning, David, 1992. "Average behavior in learning models," Journal of Economic Theory, Elsevier, vol. 57(2), pages 442-472, August. [Downloadable!] (restricted)
    Other versions:
  5. repec:att:wimass:199518r is not listed on IDEAS
  6. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
  7. repec:fth:coluec:607 is not listed on IDEAS
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Cited by:
(explanations, 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.)

  1. Hans Jørgen Jacobsen & Mogens Jensen & Birgitte Sloth, 1998. "Evolutionary Learning in Signalling Games," CIE Discussion Papers 1999-14, University of Copenhagen. Department of Economics. Centre for Industrial Economics, revised Sep 1999. [Downloadable!]
    Other versions:
  2. Rene Saran & Roberto Serrano, 2007. "The Evolution of Bidding Behavior in Private-Values Auction and Double Auctions," Working Papers 2007-01, Brown University, Department of Economics. [Downloadable!]
    Other versions:
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