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Clever agents in adaptive learning

  • Matros, Alexander

Saez-Marti and Weibull [4] investigate the consequences of letting some agents play a myopic best reply to the myopic best reply in Young's [8] bargaining model. This is how they introduce ''cleverness'' of players. We analyze such clever agents in general finite two-player games. We show that Young's [9] prediction is robust: adaptive learning with clever agents does select the same minimal curb set as in the absence of clever agents, if their population share is less than one. However, the long-run strategies distribution in such a curb set may vary with the share of clever agents.

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File URL: http://www.sciencedirect.com/science/article/pii/S0022-0531(03)00068-1
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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 111 (2003)
Issue (Month): 1 (July)
Pages: 110-124

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Handle: RePEc:eee:jetheo:v:111:y:2003:i:1:p:110-124
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  1. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
  2. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
  3. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  4. Basu, K. & Weibull, J.W., 1990. "Strategy Subsets Closed Under Rational Behaviour," Papers 479, Stockholm - International Economic Studies.
  5. Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February.
  6. Saez-Marti, Maria & Weibull, Jörgen W., 1998. "Clever agents in Young's evolutionary bargaining model," SSE/EFI Working Paper Series in Economics and Finance 281, Stockholm School of Economics.
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