How long to Pareto efficiency?
We consider uncoupled dynamics (each player knows only his own payoff function) that reach outcomes that are Pareto efficient and individually rational. We show that in the worst case the number of periods it takes to reach these outcomes must be exponential in the number of players and hence the same number of periods it takes to reach Nash equilibria. For social welfare maximizing outcomes we provide a tight bound on the minimal number of steps required for reaching such an outcome by uncoupled dynamics. Copyright Springer-Verlag Berlin Heidelberg 2014
Volume (Year): 43 (2014)
Issue (Month): 1 (February)
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- Hart, Sergiu & Mansour, Yishay, 2010.
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- 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.
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