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The Evolution of Conventions under Incomplete Information

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Author Info
Mogens Jensen (Institute of Economics, University of Copenhagen)
Birgitte Sloth (Institute of Economics, University of Copenhagen)
Hans Jørgen Whitta-Jacobsen (Institute of Economics, University of Copenhagen)

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Abstract

We formulate an evolutionary learning process with trembles for static games of incomplete information. For many games, if the amount of trembling is small, play will be in accordance with the games' (strict) Bayesian equilibria most of the time supporting the notion of Bayesian equilibrium. Often the process will select a specific equilibrium. We study an extension to incomplete information of the prototype conflict known as "Chicken" and find that the equilibrium selection by evolutionary learning may well be in favor of inefficient Bayesian equilibria where some types of players fail to coordinate.

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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 03-12.

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Length: 22 pages
Date of creation:
Date of revision: Mar 2003
Handle: RePEc:kud:kuiedp:0312

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C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384.
  2. Canning, D., 1992. "Learning Language Conventions in Common Interest Signaling Games," Discussion Papers 1992_22, Columbia University, Department of Economics.
  3. Jacobsen, Hans Jorgen & Jensen, Mogens & Sloth, Birgitte, 2001. "Evolutionary Learning in Signalling Games," Games and Economic Behavior, Elsevier, vol. 34(1), pages 34-63, January. [Downloadable!] (restricted)
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  4. Canning, David, 1992. "Average behavior in learning models," Journal of Economic Theory, Elsevier, vol. 57(2), pages 442-472, August. [Downloadable!] (restricted)
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  5. repec:att:wimass:199518r is not listed on IDEAS
  6. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
  7. repec:fth:coluec:607 is not listed on IDEAS
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rene Saran & Roberto Serrano, 2007. "The evolution of bidding behavior in private-values auctions and double auctions," Working Papers 2007-10, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales. [Downloadable!]
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  2. Hans Jørgen Jacobsen & Mogens Jensen & Birgitte Sloth, 1998. "Evolutionary Learning in Signalling Games," CIE Discussion Papers 1999-14, University of Copenhagen. Department of Economics. Centre for Industrial Economics, revised Sep 1999. [Downloadable!]
    Other versions:
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