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Learning and equilibrium selection in a coordination game with heterogeneous agents

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  • Alberto Fogale
  • Paolo Pellizzari

    ()

  • Massimo Warglien

    (Department of Applied Mathematics, University of Venice)

Abstract

We study a modified version of the coordination game presented in [van Huyck et al., 1994], where a representative selection dynamics was proposed to explain experimental data. Assuming that the agents adjust their moves in the direction of the best response, we derive a formal analysis of the stability of the equilibria. We show by simulation that the interior equilibrium is robustly reached even when considerable heterogeneity is allowed among the agents. Our truly multi-agent game is capable of approximating quite well both the median game convergence and the experimental data.

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Bibliographic Info

Paper provided by Department of Applied Mathematics, Università Ca' Foscari Venezia in its series Working Papers with number 135.

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Length: 15 pages
Date of creation: May 2006
Date of revision:
Handle: RePEc:vnm:wpaper:135

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Keywords: Coordination game; Equilibrium selection; Best reply dynamics;

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  1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, December.
  2. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, Elsevier, vol. 42(3-5), pages 631-639, May.
  3. Reinhard Selten & Klaus Abbink & Ricarda Cox, 2001. "Learning Direction Theory and the Winner’s Curse," Bonn Econ Discussion Papers, University of Bonn, Germany bgse10_2001, University of Bonn, Germany.
  4. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 6(2), pages 117-136, Spring.
  5. Selten, Reinhard & Stoecker, Rolf, 1986. "End behavior in sequences of finite Prisoner's Dilemma supergames A learning theory approach," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 7(1), pages 47-70, March.
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