This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

The Efficiency of Adapting Aspiration Levels

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
M. Posch
A. Pichler
K. Sigmund

Additional information is available for the following registered author(s):

Abstract

Win-stay, lose-shift strategies in repeated games are based on an aspiration level. Amove is repeated if and only if the outcome, in the previous round, was satisficing in the sense that the payoff was at least as high as the aspiration level. We investigate the conditions under which adaptive mechanisms acting on the aspiration level (selection, for instance, or learning) can lead to an efficient outcome; in other words, when can satisficing become optimising? Analytic results for 2 X 2-games are presented. They suggest that in a large variety of social interactions, self-centered rules (based uniquely on one's own payoff) cannot suffice.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.iiasa.ac.at/Publications/Documents/IR-98-103.pdf
File Format: application/pdf
File Function:
Download Restriction: no
File URL: http://www.iiasa.ac.at/Publications/Documents/IR-98-103.ps
File Format: application/postscript
File Function:
Download Restriction: no

Publisher Info
Paper provided by International Institute for Applied Systems Analysis in its series Working Papers with number ir98103.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: Dec 1998
Date of revision:
Handle: RePEc:wop:iasawp:ir98103

Contact details of provider:
Postal: A-2361 Laxenburg
Phone: +43-2236-807-0
Fax: +43-2236-71313
Email:
Web page: http://www.iiasa.ac.at/Publications/Catalog/PUB_ONLINE.html
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Thomas Krichel).

Related research
Keywords:

Other versions of this item:

This paper has been announced in the following NEP Reports: 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. Lutkepohl, Helmut, 1993. "The," Empirical Economics, Springer, vol. 18(4), pages 729-43.
  2. 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.
  3. Martin Posch, 1997. "Cycling in a stochastic learning algorithm for normal form games," Journal of Evolutionary Economics, Springer, vol. 7(2), pages 193-207. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, 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. Marco Novarese & Salvatore Rizzello, 2003. "Satisfaction and Learning: an experimental game to measure happiness," Microeconomics 0306004, EconWPA. [Downloadable!]
Statistics
Access and download statistics

Did you know? All the bibliographic data shown here has been contributed by volunteers, thereby helping to keep this service free.

This page was last updated on 2009-12-28.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.