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Sophisticated Imitation in Cyclic Games

  • Hofbauer, Josef
  • Karl H. Schlag

Consider a large population of individuals that are repeatedly randomly matched to play a cyclic 2x2 game such as Matching Pennies with fixed roles assigned in the game. Some learn by sampling previous play of a finite number of other individuals in the same role. We analyze population dynamics under optimal boundedly rational behavior (in the sense of Schlag, 1998c). We find that long run play is close to the Nash equilibrium (when few individuals receive information) if and only if the sample size is greater than one.

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File URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonsfb/bonsfb427.pdf
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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 427.

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Length: pages
Date of creation:
Date of revision: Mar 1998
Handle: RePEc:bon:bonsfb:427
Contact details of provider: Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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