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 David K. Levine in its series Levine's Working Paper Archive with number 625018000000000099.
Date of creation: 11 Dec 2010
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Other versions of this item:
- 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.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-18 (All new papers)
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