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Steady State Learning and Nash Equilibrium

Author Info

Listed author(s):
  • Drew Fudenberg
  • David K. Levine

Abstract

The authors study the steady states of a system in which players learn about the strategies their opponents are playing by updating their Bayesian priors in light of their observations. Players are matched.at random to play a fixed extensive-form game and each player observes the realized actions in his own matches but not the intended off-path play of his opponents or the realized actions in other matches. Because players are assumed to live finite lives, there are steady states in which learning continually takes place. If lifetimes are long and players are very patient, the steady state distribution of actions approximates those of a Nash equilibrium. Copyright 1993 by The Econometric Society.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.dklevine.com/papers/sslne.pdf
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Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 373.

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Date of creation: 01 Jan 1993
Handle: RePEc:cla:levarc:373
Contact details of provider: Web page: http://www.dklevine.com/

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  1. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
  2. Rubinstein Ariel & Wolinsky Asher, 1994. "Rationalizable Conjectural Equilibrium: Between Nash and Rationalizability," Games and Economic Behavior, Elsevier, vol. 6(2), pages 299-311, March.
  3. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, July.
  4. Rosenthal, R W, 1979. "Sequences of Games with Varying Opponents," Econometrica, Econometric Society, vol. 47(6), pages 1353-1366, November.
  5. Tan, Tommy Chin-Chiu & da Costa Werlang, Sergio Ribeiro, 1988. "The Bayesian foundations of solution concepts of games," Journal of Economic Theory, Elsevier, vol. 45(2), pages 370-391, August.
  6. David Canning, 1989. "Convergence to Equilibrium in a Sequence for Games with Learning," STICERD - Theoretical Economics Paper Series 190, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  7. Bray, Margaret, 1982. "Learning, estimation, and the stability of rational expectations," Journal of Economic Theory, Elsevier, vol. 26(2), pages 318-339, April.
  8. Kohlberg, Elon & Mertens, Jean-Francois, 1986. "On the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 54(5), pages 1003-1037, September.
  9. Adam Brandenburger & Eddie Dekel, 2014. "Rationalizability and Correlated Equilibria," World Scientific Book Chapters,in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 3, pages 43-57 World Scientific Publishing Co. Pte. Ltd..
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