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Learning, Memory, and Inertia

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Abstract

This paper explores the impact of memory in standard display imitation behavior, focusing on coordination games (as in Kandori et al (1993)) and N-player games where spiteful behavior allows to discard Nash equilibria. It is shown that the way interea is modeled in such examples actually entails a strong "no-memory" assumption. Once inertia is removed (or medeled otherwise), the addition of bounded memory changes the predictions dramatically. The analysis highlights the stability properties of Nash outcomes in purely evolutionary contexts with a finite population of agents.

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File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0003.pdf
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Bibliographic Info

Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0003.

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Date of creation: Aug 2000
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Handle: RePEc:vie:viennp:0003

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Web page: http://www.univie.ac.at/vwl

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  1. Robson, Arthur J. & Vega-Redondo, Fernando, 1996. "Efficient Equilibrium Selection in Evolutionary Games with Random Matching," Journal of Economic Theory, Elsevier, vol. 70(1), pages 65-92, July.
  2. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  3. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
  4. Rhode, Paul & Stegeman, Mark, 1996. "Learning, Mutation, and Long-Run Equilibria in Games: A Comment," Econometrica, Econometric Society, vol. 64(2), pages 443-49, March.
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Cited by:
  1. Carlos Alós-Ferrer, 2001. "Cournot versus Walras in Dynamic Oligopolies with Memory," Vienna Economics Papers 0110, University of Vienna, Department of Economics.
  2. Carlos Alós-Ferrer, 2000. "Finite Population Dynamics and Mixed Equilibria," Vienna Economics Papers 0008, University of Vienna, Department of Economics.

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