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Stochastic Learning in Co-ordination Games: a Simulation Approach Author info | Abstract | Publisher info | Download info | Related research | Statistics Enrico Zaninotto () (DISA, Faculty of Economics, Trento University)
Alessandro Rossi
Loris Gaio
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In the presence of externalities, consumption behaviour depends on the solution of a co-ordination problem. In our paper we suggest a learning approach to the study of co-ordination in consumption contexts where agents adjust their choices on the basis of the reinforcement (payoff) they receive during the game. The results of simulations allowed us to distinguish the roles of different aspects of learning in enabling co-ordination within a population of agents. Our main results highlight: 1. the role played by the speed of learning in determining failures of the co-ordination process; 2. the effect of forgetting past experiences on the speed of the co-ordination process; 3. the role of experimentation in bringing the process of co-ordination into an efficient equilibrium.
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Paper provided by Department of Computer and Management Sciences, University of Trento, Italy in its series ROCK Working Papers with number
001.
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Length: 27 pages
Date of creation: Jan 1999Date of revision:
21 May 1999Handle: RePEc:trt:rockwp:001Contact details of provider: Postal: via Inama, 5 -- I-38100 Trento TN Phone: +39-0461-882126 Fax: +39-0461-882124 Email: Web page: http://rock.cs.unitn.it More information through EDIRC
Order Information: Postal: DISA Università degli Studi di Trento via Inama, 5 I-38100 Trento TN Italy Email: Web: http://repec.cs.unitn.it
For technical questions regarding this item, or to correct its listing, contact: (Loris Gaio).
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References listed on IDEAS 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.: Simone Manganelli & Robert F. Engle, 2001.
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Mariangela Franch & Luisa Mich & Alessandro Narduzzo & Enrico Zaninotto, 1997.
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Quaderni DISA
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012, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008.
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Alessandro Beber, 2001.
"Determinants of the implied volatility function on the Italian Stock Market ,"
Alea Tech Reports
010, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008.
[Downloadable!]
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