I 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.
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Length: 45 pages Date of creation: 2001 Date of revision: Handle: RePEc:mlb:wpaper:792
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Find related papers by JEL classification: C0 - Mathematical and Quantitative Methods - - General D7 - Microeconomics - - Analysis of Collective Decision-Making
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