Which one should I imitate?
AbstractWe consider the model of social learning by Schlag (1996). Individuals must repeatedly choose an action in a multi-armed bandit. We assume that each indivdiual observes the outcomes of two other individuals' choices before her own next choice must be made -- the original model only allows for one observation. Selection of optimal behavior yields a variant of the proportional imitation rule -- the optimal rule based on one observation. When each individual uses this rule then the adaptation of actions in an infinite population follows an aggregate monotone dynamic.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 365.
Date of creation: Mar 1996
Date of revision:
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social learning; multi-armed bandit; imitation; payoff increasing; proportional imitaiton rule; aggregate monotone dynamic.;
Other versions of this item:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
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- Karl H. Schlag, .
"Why Imitate, and if so, How? A Bounded Rational Approach to Multi- Armed Bandits,"
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