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Strategy sets closed under payoff sampling

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  • Izquierdo, Segismundo S.
  • Izquierdo, Luis R.

Abstract

We consider population games played by procedurally rational players who, when revising their current strategy, test each of their available strategies independently in a series of random matches –i.e., a battery of tests–, and then choose the strategy that performed best in this battery of tests. This revision protocol leads to the so-called payoff-sampling dynamics (aka test-all Best Experienced Payoff dynamics).

Suggested Citation

  • Izquierdo, Segismundo S. & Izquierdo, Luis R., 2023. "Strategy sets closed under payoff sampling," Games and Economic Behavior, Elsevier, vol. 138(C), pages 126-142.
    • Handle: RePEc:eee:gamebe:v:138:y:2023:i:c:p:126-142
    DOI: 10.1016/j.geb.2022.12.006
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    References listed on IDEAS

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    More about this item

    Keywords

    Payoff sampling; Best experienced payoff; Procedural rationality; Asymptotically stable sets; Closed under payoff sampling;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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