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Absolute Expediency and Imitative Behaviour

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Author Info
Antonio J. Morales Siles () (Universidad de Málaga)

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Abstract

This paper analyses 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 state of 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).

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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 E2002/03.

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Length: 20 pages
Date of creation: Jan 2002
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Handle: RePEc:cea:doctra:e2002_03

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Related research
Keywords: Social Learning; Decision Problems; Imitation; Bounded Rationality.;

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Find related papers by JEL classification:
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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  1. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May. [Downloadable!] (restricted)
  2. Schlag, Karl H., 1998. "Why Imitate, and If So, How?, : A Boundedly Rational Approach to Multi-armed Bandits," Journal of Economic Theory, Elsevier, vol. 78(1), pages 130-156, January. [Downloadable!] (restricted)
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  3. 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)
  4. Tilman Börgers & Rajiv Sarin & Antonio J. Morales, 2001. "Expedient and Monotone Learning Rules," Economic Working Papers at Centro de Estudios Andaluces E2001/06, Centro de Estudios Andaluces. [Downloadable!]
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