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Stochastic Learning in Co-ordination Games: a Simulation Approach

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Author Info
Enrico Zaninotto () (DISA, Faculty of Economics, Trento University)
Alessandro Rossi
Loris Gaio

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Abstract

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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Publisher Info
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 1999
Date of revision: 21 May 1999
Handle: RePEc:trt:rockwp:001

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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.:
  1. Simone Manganelli & Robert F. Engle, 2001. "Value at risk models in finance," Working Paper Series 075, European Central Bank. [Downloadable!]
  2. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September. [Downloadable!] (restricted)
  3. Enrico Zaninotto, 1997. "Coordinamento e standardizzazione," Quaderni DISA 002, Department of Computer and Management Sciences, University of Trento, Italy.
  4. Flavio Bazzana, 2001. "I modelli interni per la valutazione del rischio di mercato secondo l'approccio del Value at Risk," Alea Tech Reports 011, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008. [Downloadable!]
  5. Mariangela Franch & Luisa Mich & Alessandro Narduzzo & Enrico Zaninotto, 1997. "Un metodo per l'analisi dei bisogni di telecomunicazioni. Applicazioni al settore degli elettrodomestici e al settore del Turismo," Quaderni DISA 004, Department of Computer and Management Sciences, University of Trento, Italy.
  6. A. Marchi & Luisa Mich, 1998. "Un modello per l'analisi e valutazione dei siti web: applicazione al sito del consorzio Dolomiti Superski," Quaderni DISA 011, Department of Computer and Management Sciences, University of Trento, Italy.
  7. Luca Erzegovesi, 1999. "Capire la volatilità con il modello binomiale," Alea Tech Reports 004, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008. [Downloadable!]
  8. Kaniovski Yuri M. & Young H. Peyton, 1995. "Learning Dynamics in Games with Stochastic Perturbations," Games and Economic Behavior, Elsevier, vol. 11(2), pages 330-363, November. [Downloadable!] (restricted)
  9. Alessandro Narduzzo & Massimo Warglien, 1996. "Learning from the Experience of Others : An Experiment on Information Contagion," CEEL Working Papers 9603, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
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  10. Alessandro Beber, 1999. "Introduzione all'analisi tecnica," Alea Tech Reports 002, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008. [Downloadable!]
  11. Camerer, Colin & Ho, Teck-Hua, 1997. "Experience-Weighted Attraction Learning in Games: A Unifying Approach," Working Papers 1003, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  12. Alessandro Beber, 2001. "Determinants of the implied volatility function on the Italian Stock Market," LEM Papers Series 2001/05, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  13. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January. [Downloadable!] (restricted)
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  14. Mariangela Franch, 1998. "La comunicazione on-line. Aspetti metodologici e risultati di alcune sperimentazioni," Quaderni DISA 010, Department of Computer and Management Sciences, University of Trento, Italy.
  15. V. Brichetti & Mariangela Franch & Luisa Mich, 1998. "Progetto Disaweb: analisi delle esigenze informative su DISA," Quaderni DISA 012, Department of Computer and Management Sciences, University of Trento, Italy.
  16. Marco Bee, 2001. "Mixture models for VaR and stress testing," Alea Tech Reports 012, Department of Computer and Management Sciences, University of Trento, Italy, revised 14 Jun 2008. [Downloadable!]
  17. 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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