IDEAS home Printed from https://ideas.repec.org/a/bpj/bejtec/vcontributions.4y2004i1n6.html

Players With Limited Memory

Author

Listed:
  • Huck Steffen

    (University College London, s.huck@ucl.ac.uk)

  • Sarin Rajiv

    (Texas A&M, rsarin@econmail.tamu.edu)

Abstract

This paper studies a model of memory. The model takes into account that memory capacity is limited and imperfect. We study how agents with such memory limitations, who have very little information about their choice environment, play games. We introduce the notion of a Limited Memory Equilibrium (LME) and show that play converges to an LME in every generic normal form game. Our characterization of the set of LME suggests that players with limited memory do (weakly) better in games than in decision problems. We also show that agents can do quite well even with severely limited memory, although severe limitations tend to make them behave cautiously.

Suggested Citation

  • Huck Steffen & Sarin Rajiv, 2004. "Players With Limited Memory," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 4(1), pages 1-27, September.
    • Handle: RePEc:bpj:bejtec:v:contributions.4:y:2004:i:1:n:6
    DOI: 10.2202/1534-5971.1109
    as

    Download full text from publisher

    File URL: https://doi.org/10.2202/1534-5971.1109
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.2202/1534-5971.1109?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or

    for a different version of it.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yilmaz Kocer, 2010. "Endogenous Learning with Bounded Memory," Working Papers 1290, Princeton University, Department of Economics, Econometric Research Program..
    2. Vostroknutov, Alexander, 2012. "Non-probabilistic decision making with memory constraints," Economics Letters, Elsevier, vol. 117(1), pages 303-305.
    3. Yan Chen & Laura Razzolini & Theodore Turocy, 2007. "Congestion allocation for distributed networks: an experimental study," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 33(1), pages 121-143, October.
    4. Vostroknutov, Alexander, 2005. "Non-Probabilistic Decision Making with Memory Constraints," MPRA Paper 2653, University Library of Munich, Germany, revised Jul 2007.
    5. Katerina Sherstyuk & Nori Tarui & Melinda Podor Wengrin & Jay Viloria & Tatsuyoshi Saijo, 2014. "Other-regarding behavior under collective action," Working Papers 201404, University of Hawaii at Manoa, Department of Economics.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:bejtec:v:contributions.4:y:2004:i:1:n:6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyterbrill.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.