Clever agents in Young's evolutionary bargaining model
In the models of Young (1993a, b), boundedly rational individuals are recurrently matched to play a game, and they play myopic best replies to the recent history of play. It could therefore be an advantage to instead play a myiopic best reply to the myopic best reply, something boundedly rational players might conceivably also do. We investigate this possibility in the context of Young's (1993b) bargaining model. It turns out that "cleverness" in this respect indeed does have an advantage in some cases. However, if all individuals are equally informed about past play, in a statistical sense, then the Nash bargaining solution remains the unique long-run outcome when the mutation rate goes to zero.
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|Date of creation:||10 Nov 1998|
|Date of revision:|
|Publication status:||Published in Journal of Economic Theory , 1999, pages 268-279.|
|Note:||Published in Journal of Economic Theory, 1999, Vol 86, No 2.|
|Contact details of provider:|| Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden|
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- Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
- Tore Ellingsen, 1997.
"The Evolution of Bargaining Behavior,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 112(2), pages 581-602.
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- Stahl Dale O., 1993.
"Evolution of Smartn Players,"
Games and Economic Behavior,
Elsevier, vol. 5(4), pages 604-617, October.
- Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
- Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
- Young H. P., 1993. "An Evolutionary Model of Bargaining," Journal of Economic Theory, Elsevier, vol. 59(1), pages 145-168, February.
- Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
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