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Expedient and Monotone Learning Rules

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Author Info
Tilman Börgers (UCL y ELSE)
Rajiv Sarin (Texas A&M University)
Antonio J. Morales () (Universidad de Málaga)

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Abstract

This paper considers learning rules for environments in which little prior and feedback information is available to the decision-maker. Two properties of such learning rules, absolute expediency and monotonicity, are studied. The paper provides some necessary and some sufficient conditions for these properties. A number of examples show that there is quite a large variety of learning rules which have these properties. It is also shown that all learning rules that have these properties are, in some sense, related to replicator dynamics of evolutionary game theory.

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Publisher Info
Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2001/06.

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Length: 40 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:cea:doctra:e2001_06

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Related research
Keywords: Absolute expediency; monotonicity; learning rule; decision making;

Other versions of this item:

Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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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. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May. [Downloadable!] (restricted)
  2. Samuelson, L. & Zhang, J., 1991. "Evolutionary Stability in Asymmetric Games," Papers 9132, Tilburg - Center for Economic Research.
    Other versions:
  3. David Easley & Aldo Rustichini, 1999. "Choice without Beliefs," Econometrica, Econometric Society, vol. 67(5), pages 1157-1184, September.
  4. Cross, John G, 1973. "A Stochastic Learning Model of Economic Behavior," The Quarterly Journal of Economics, MIT Press, vol. 87(2), pages 239-66, May. [Downloadable!] (restricted)
  5. Borgers, Tilman & Sarin, Rajiv, 2000. "Naive Reinforcement Learning with Endogenous Aspirations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(4), pages 921-50, November.
  6. Borgers, Tilman & Sarin, Rajiv, 1997. "Learning Through Reinforcement and Replicator Dynamics," Journal of Economic Theory, Elsevier, vol. 77(1), pages 1-14, November. [Downloadable!] (restricted)
    Other versions:
  7. Karl H. Schlag, . "Why Imitate, and if so, How? A Bounded Rational Approach to Multi- Armed Bandits," ELSE working papers 028, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]
    Other versions:
  8. Friedman, Daniel, 1991. "Evolutionary Games in Economics," Econometrica, Econometric Society, vol. 59(3), pages 637-66, May. [Downloadable!] (restricted)
  9. Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-81, September. [Downloadable!] (restricted)
  10. A. Rubinstein, 1999. "Economics and Language," Princeton Economic Theory Papers 00s6, Economics Department, Princeton University.
    Other versions:
  11. Tilman Börgers & Rajiv Sarin, . "Naive Reinforcement Learning With Endogenous Aspiration," ELSE working papers 037, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]
Full references

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. Antonio J. Morales Siles, 2002. "Absolute Expediency and Imitative Behaviour," Economic Working Papers at Centro de Estudios Andaluces E2002/03, Centro de Estudios Andaluces. [Downloadable!]
  2. Stefano Ficco & Vladimir A. Karamychev, 2004. "Information Overload in Multi-Stage Selection Procedures," Tinbergen Institute Discussion Papers 04-077/1, Tinbergen Institute. [Downloadable!]
  3. Carlos Oyarzun & Johannes Ruf, 2009. "Monotone imitation," Economic Theory, Springer, vol. 41(3), pages 411-441, December. [Downloadable!] (restricted)
  4. John Huyck & Raymond Battalio & Frederick Rankin, 2007. "Selection dynamics and adaptive behavior without much information," Economic Theory, Springer, vol. 33(1), pages 53-65, October. [Downloadable!] (restricted)
  5. Ed Hopkins, 2004. "Adaptive Learning Models of Consumer Behaviour," ESE Discussion Papers 121, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
    Other versions:
  6. Carlos Oyarzun & Rajiv Sarin, 2005. "Learning and Risk Aversion," Levine's Bibliography 784828000000000482, UCLA Department of Economics. [Downloadable!]
  7. Karl H. Schlag, 2007. "Distribution-Free Learning," Economics Working Papers ECO2007/01, European University Institute. [Downloadable!]
  8. Antonio Morales & Pablo Brañas Garza, 2003. "Computational Errors in Guessing Games1," Economic Working Papers at Centro de Estudios Andaluces E2003/11, Centro de Estudios Andaluces. [Downloadable!]
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