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An analysis of a simple reinforcing dynamics : learning to play an "egalitarian" equilibrium

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Author Info
Possajennikov, A. (Tilburg University, Center for Economic Research)

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Abstract

The paper analyses a simple reinforcing dynamics. The dynamics can be interpreted as a learning dynamics with fixed aspiration level. All payoffs are assumed to be above this aspiration level, therefore all strategies are reinforcing. Different versions of the dynamics exhibit different convergence properties. The analysis starts with one-agent decision problems and proceeds to games. Some results are available for decision problems and simple games. For complex games computer simulations are performed. The hypothesis is that the dynamics favors an "egalitarian" equilibrium even if it does not satisfy other refinements.

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Publisher Info
Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 19.

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Date of creation: 1997
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Handle: RePEc:dgr:kubcen:199719

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

References listed on IDEAS
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  1. Herrnstein, Richard J & Prelec, Drazen, 1991. "Melioration: A Theory of Distributed Choice," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 137-56, Summer. [Downloadable!] (restricted)
  2. repec:att:wimass:199325 is not listed on IDEAS
  3. Arthur, W Brian, 1993. "On Designing Economic Agents That Behave Like Human Agents," Journal of Evolutionary Economics, Springer, vol. 3(1), pages 1-22, February.
  4. Bendor, J. & Mookherjee, D. & Ray, D., 1994. "Aspirations, Adaptive Learning and Cooperation in Reapeted Games," Papers 27, Boston University - Department of Economics.
  5. Martin Posch, 1997. "Cycling in a stochastic learning algorithm for normal form games," Journal of Evolutionary Economics, Springer, vol. 7(2), pages 193-207. [Downloadable!] (restricted)
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