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Adaptive Heuristics

Author

Listed:
  • Sergiu Hart

Abstract

We exhibit a large class of simple rules of behavior, which we call adaptive heuristics, and show that they generate rational behavior in the long run. These adaptive heuristics are based on natural regret measures, and may be viewed as a bridge between rational and behavioral viewpoints. The results presented here, taken together, establish a solid connection between the dynamic approach of adaptive heuristics and the static approach of correlated equilibria.

Suggested Citation

  • Sergiu Hart, 2004. "Adaptive Heuristics," Discussion Paper Series dp372, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
    • Handle: RePEc:huj:dispap:dp372
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    File URL: http://www.ma.huji.ac.il/~hart/abs/heurist.html
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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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