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The target projection dynamic

  • Tsakas, Elias
  • Voorneveld, Mark

We study the target projection dynamic, a model of learning in normal form games. The dynamic is given a microeconomic foundation in terms of myopic optimization under control costs due to a certain status-quo bias. We establish a number of desirable properties of the dynamic: existence, uniqueness and continuity of solution trajectories, Nash stationarity, positive correlation with payoffs, and innovation. Sufficient conditions are provided under which strictly dominated strategies are wiped out. Finally, some stability results are provided for special classes of games.

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File URL: http://www.sciencedirect.com/science/article/B6WFW-4VG7MS8-4/2/9d375eefde27df86024ef5e66b04eaa8
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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 67 (2009)
Issue (Month): 2 (November)
Pages: 708-719

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Handle: RePEc:eee:gamebe:v:67:y:2009:i:2:p:708-719
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. Ed Hopkins, 2002. "Two Competing Models of How People Learn in Games," Econometrica, Econometric Society, vol. 70(6), pages 2141-2166, November.
  2. Sandholm, William H. & DokumacI, Emin & Lahkar, Ratul, 2008. "The projection dynamic and the replicator dynamic," Games and Economic Behavior, Elsevier, vol. 64(2), pages 666-683, November.
  3. Borgers, Tilman & Sarin, Rajiv, 1997. "Learning Through Reinforcement and Replicator Dynamics," Journal of Economic Theory, Elsevier, vol. 77(1), pages 1-14, November.
  4. Lahkar, Ratul & Sandholm, William H., 2008. "The projection dynamic and the geometry of population games," Games and Economic Behavior, Elsevier, vol. 64(2), pages 565-590, November.
  5. Sandholm, William H., 2005. "Excess payoff dynamics and other well-behaved evolutionary dynamics," Journal of Economic Theory, Elsevier, vol. 124(2), pages 149-170, October.
  6. Mark Voorneveld, 2006. "Probabilistic Choice in Games: Properties of Rosenthal’s t-Solutions," International Journal of Game Theory, Springer, vol. 34(1), pages 105-121, April.
  7. I. Gilboa & A. Matsui, 2010. "Social Stability and Equilibrium," Levine's Working Paper Archive 534, David K. Levine.
  8. Sergiu Hart & Andreu Mas-Colell, 2003. "Uncoupled Dynamics Do Not Lead to Nash Equilibrium," American Economic Review, American Economic Association, vol. 93(5), pages 1830-1836, December.
  9. Drew Fudenberg & David K. Levine, 1998. "The Theory of Learning in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061945, June.
  10. Mattsson, Lars-Goran & Weibull, Jorgen W., 2002. "Probabilistic choice and procedurally bounded rationality," Games and Economic Behavior, Elsevier, vol. 41(1), pages 61-78, October.
  11. Josef Hofbauer & William H. Sandholm, 2002. "On the Global Convergence of Stochastic Fictitious Play," Econometrica, Econometric Society, vol. 70(6), pages 2265-2294, November.
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