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Absolutely expedient imitative behavior

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  • Antonio Morales

Abstract

This paper analyzes a model of learning by imitation, where besides the decision maker, there is a population of individuals facing the same decision problem. We analyze a property called Absolute Expediency, which requires that the decision maker’s expected payoff increases from one round to the next for every decision problem and every profile of realized actions taken by the population. We give a simple characterization of the expediency property and show that its basic feature is proportional imitation: the change in the probability attached to the played action is proportional to the difference between the received and the sampled payoff (the sampled payoff plays the role of an aspiration level). Copyright Springer-Verlag Heidelberg 2003

Suggested Citation

  • Antonio Morales, 2003. "Absolutely expedient imitative behavior," International Journal of Game Theory, Springer;Game Theory Society, vol. 31(4), pages 475-492, September.
    • Handle: RePEc:spr:jogath:v:31:y:2003:i:4:p:475-492
    DOI: 10.1007/s001820300131
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    Cited by:

    1. Yaakov Kareev, 2012. "Advantages of Cognitive Limitations," Discussion Paper Series dp611, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.

    More about this item

    Keywords

    Bandit problem; imitation;

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