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Clever Agents in Young's Evolutionary Bargaining Model

  • Weibull, Jörgen W.

    ()

    (The Research Institute of Industrial Economics)

  • Saez-Marti, Maria

    ()

    (Stockholm School of Economics)

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 myopic 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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Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 507.

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Length: 11 pages
Date of creation: 09 Nov 1998
Date of revision:
Publication status: Published in Journal of Economic Theory, 1999, pages 268-279.
Handle: RePEc:hhs:iuiwop:0507
Contact details of provider: Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
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