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Averaged Predictions and the Learning of Equilibrium Play

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Author Info

  • Flam, S.D.

Abstract

The main objects here are noncooperative games in which all externalities occur via a one-dimensional variable. So-called mean-value iterates are used to approach Nash equilibrium. The proposed schemes generalize many received methods, and can be interpreted as learning taking place during repeated play. An important feature is that no player need to be fully informed about the game structure. Particular examples include Cournot oligopolies and some nonatomic market games.

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Bibliographic Info

Paper provided by Department of Economics, University of Bergen in its series Norway; Department of Economics, University of Bergen with number 178.

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Length: 15 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:bereco:178

Contact details of provider:
Postal: Department of Economics, University of Bergen Fosswinckels Gate 6. N-5007 Bergen, Norway
Phone: (+47)55589200
Fax: (+47)55589210
Email:
Web page: http://www.uib.no/econ/
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Keywords: GAMES ; LEARNING;

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References

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  1. Drew Fudenberg & David K. Levine, 1998. "The Theory of Learning in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061945, January.
  2. Rath, Kali P, 1992. "A Direct Proof of the Existence of Pure Strategy Equilibria in Games with a Continuum of Players," Economic Theory, Springer, vol. 2(3), pages 427-33, July.
  3. Smale, Steve, 1980. "The Prisoner's Dilemma and Dynamical Systems Associated to Non-Cooperative Games," Econometrica, Econometric Society, vol. 48(7), pages 1617-34, November.
  4. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  5. Gjerstad, Steven, 1996. "The Rate of Convergence of Continuous Fictitious Play," Economic Theory, Springer, vol. 7(1), pages 161-77, January.
  6. Thorlund-Petersen, Lars, 1990. "Iterative computation of cournot equilibrium," Games and Economic Behavior, Elsevier, vol. 2(1), pages 61-75, March.
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Cited by:
  1. Flam, S.D. & Horvath, C., 1998. "Stochastic Mean-Values, Rational Expectations, and Price Movements," Norway; Department of Economics, University of Bergen 0998, Department of Economics, University of Bergen.
  2. Sjur Didrik Flåm, 2002. "Convexity, Differential Equations, and Games," CESifo Working Paper Series 655, CESifo Group Munich.

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