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Clever agents in adaptive learning

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Author Info

  • Matros, Alexander

    (Dept. of Economics, Stockholm School of Economics)

Abstract

Saez-Marti and Weibull [4] investigate the consequences of letting some agents play a myopic best reply to the myopic best reply in Young's [8] bargaining model. This is how they introduce ''cleverness'' of players. We analyze such clever agents in general finite two-player games. We show that Young's [9] prediction is robust: adaptive learning with clever agents does select the same minimal curb set as in the absence of clever agents, if their population share is less than one. However, the long-run strategies distribution in such a curb set may vary with the share of clever agents.

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File URL: http://swopec.hhs.se/hastef/papers/hastef0403.pdf
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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 403.

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Length: 25 pages
Date of creation: 03 Oct 2000
Date of revision:
Handle: RePEc:hhs:hastef:0403

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Keywords: Evolution; game theory; bounded rationality; Markov chain; stochastic stability;

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References

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  1. Basu, K. & Weibull, J.W., 1990. "Strategy Subsets Closed Under Rational Behaviour," Papers 479, Stockholm - International Economic Studies.
  2. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  3. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
  4. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  5. Saez-Marti, Maria & Weibull, Jörgen W., 1998. "Clever agents in Young's evolutionary bargaining model," Working Paper Series in Economics and Finance 281, Stockholm School of Economics.
  6. Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February.
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Cited by:
  1. Andriy Zapechelnyuk, 2009. "Limit Behavior of No-regret Dynamics," Discussion Papers 21, Kyiv School of Economics.
  2. Josephson, Jens, 2001. "Stochastic Adaptation in Finite Games Played by Heterogeneous Populations," Working Paper Series in Economics and Finance 475, Stockholm School of Economics.
  3. Alexander Matros, 2006. "Altruistic Versus Rational Behavior in a Public Good Game," Working Papers 309, University of Pittsburgh, Department of Economics, revised Sep 2008.
  4. Matros, Alexander, 2012. "Altruistic versus egoistic behavior in a Public Good game," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 642-656.

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