Expedient and Monotone Learning Rules
AbstractThis 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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Bibliographic InfoPaper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2001/06.
Length: 40 pages
Date of creation: 2001
Date of revision:
Absolute expediency; monotonicity; learning rule; decision making;
Other versions of this item:
- 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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