An Axiomatic Model of Social Adaptive Behavior
AbstractI replace the assumption that an agent makes an optimal choice by an assumption that the agent executes a computational algorithm directed at finding a choice that is good at the time the choice is made. The algorithm utilizes the individual's own information, and information about choices of other members of society. It is shown that under some regularity conditions any such algorithm can be decomposed into generalized gradient dynamics, direct imitation, experimentation, and imitation of scope.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 792.
Length: 45 pages
Date of creation: 2001
Date of revision:
Contact details of provider:
Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
Phone: +61 3 8344 5289
Fax: +61 3 8344 6899
Web page: http://www.economics.unimelb.edu.au
More information through EDIRC
BEHAVIOUR ; INFORMATION ; ECONOMIC MODELS;
Find related papers by JEL classification:
- C0 - Mathematical and Quantitative Methods - - General
- D7 - Microeconomics - - Analysis of Collective Decision-Making
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.:
- Simon P. Anderson & Jacob K. Goeree & Charles A. Holt, 1998. "Rent Seeking with Bounded Rationality: An Analysis of the All-Pay Auction," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 828-853, August.
- Jean Tirole, 1999. "Incomplete Contracts: Where Do We Stand?," Econometrica, Econometric Society, vol. 67(4), pages 741-782, July.
- Maskin, Eric & Tirole, Jean, 1999. "Unforeseen Contingencies and Incomplete Contracts," Review of Economic Studies, Wiley Blackwell, vol. 66(1), pages 83-114, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marisa Cerantola).
If references are entirely missing, you can add them using this form.