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The Implications of Case-Based Reasoning in Strategic Contexts

In: Artificial Economics

Author

Listed:
  • Luis R. Izquierdo

    (The Macaulay Institute)

  • Nicholas M. Gotts

    (The Macaulay Institute)

Abstract

Summary This paper characterises the transient dynamics and the long-term behaviour of a game theoretical model where players’ decisions at any particular time are guided by a single similar situation they experienced in the past — a simple form of case-based reasoning. The transient dynamics of the model are very dependent on the process by which players learn how to play the game in any given situation. The long-run behaviour of the model varies significantly depending on whether players can occasionally explore different actions or not. When the probability of experimentation is small but non-zero, only a subset of the outcomes that are possible in the absence of experimentation persists in the long-run. In this paper we present some features that characterise such a subset of stochastically stable outcomes.

Suggested Citation

  • Luis R. Izquierdo & Nicholas M. Gotts, 2006. "The Implications of Case-Based Reasoning in Strategic Contexts," Lecture Notes in Economics and Mathematical Systems, in: M. Beckmann & H. P. Künzi & G. Fandel & W. Trockel & A. Basile & A. Drexl & H. Dawid & K. Inderfurth (ed.), Artificial Economics, pages 163-174, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-28547-2_14
    DOI: 10.1007/3-540-28547-4_14
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    Cited by:

    1. Julia Schindler, 2012. "Rethinking the Tragedy of the Commons: The Integration of Socio-Psychological Dispositions," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 15(1), pages 1-4.

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