Learning, Memory, and Inertia
AbstractThis 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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Bibliographic InfoPaper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0003.
Date of creation: Aug 2000
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- Robson, Arthur J. & Vega-Redondo, Fernando, 1996.
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- Carlos Alós-Ferrer, 2001.
"Cournot versus Walras in Dynamic Oligopolies with Memory,"
Vienna Economics Papers
0110, University of Vienna, Department of Economics.
- Alos-Ferrer, Carlos, 2004. "Cournot versus Walras in dynamic oligopolies with memory," International Journal of Industrial Organization, Elsevier, vol. 22(2), pages 193-217, February.
- Carlos Alós-Ferrer, 2000. "Finite Population Dynamics and Mixed Equilibria," Vienna Economics Papers 0008, University of Vienna, Department of Economics.
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