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Limits to Rational Learning

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  • Yehuda Levy

Abstract

A long-standing open question raised in the seminal paper of Kalai and Lehrer (1993) is whether or not the play of a repeated game, in the rational learning model introduced there, must eventually resemble play of exact equilibria, and not just play of approximate equilibria as demonstrated there. This paper shows that play may remain distant - in fact, mutually singular - from the play of any equilibrium of the repeated game. We further show that the same inaccessibility holds in Bayesian games, where the play of a Bayesian equilibrium may continue to remain distant from the play of any equilibrium of the true game.

Suggested Citation

  • Yehuda Levy, 2014. "Limits to Rational Learning," Economics Series Working Papers 731, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:731
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    2. Norman, Thomas W.L., 2022. "The possibility of Bayesian learning in repeated games," Games and Economic Behavior, Elsevier, vol. 136(C), pages 142-152.

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    JEL classification:

    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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