Evolving Strategic Behaviors through Competitive Interaction in the Large
Here we provide a new approach for investigating competitive interactions in the large. We also study emergent strategic behaviors and analyze the effects of bounded rationality and the mimicry strategy in competitive situations. We show how society gropes its way towards equilibrium in an imperfect world where agents are sensible but not perfectly rational. Agents have limited information and no common knowledge. This paper is also about social learning and shows how society as a whole learns even when the individuals composing it do not. Specifically, it is about the evolution of social norms. We especially examine how conventions evolve in a society that begins in an amorphous state, where there is no established custom, and individuals rely on hearsay to determine what to do. With simulations, we provide specific conditions on which conventions are most likely to emerge.
|Date of creation:||01 Mar 1999|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://fmwww.bc.edu/CEF99/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hammerstein, Peter & Selten, Reinhard, 1994. "Game theory and evolutionary biology," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 28, pages 929-993 Elsevier.
- Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993.
"Learning, Mutation, and Long Run Equilibria in Games,"
Econometric Society, vol. 61(1), pages 29-56, January.
- Kandori, M. & Mailath, G.J., 1991. "Learning, Mutation, And Long Run Equilibria In Games," Papers 71, Princeton, Woodrow Wilson School - John M. Olin Program.
- M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
When requesting a correction, please mention this item's handle: RePEc:sce:scecf9:1211. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F. Baum)
If references are entirely missing, you can add them using this form.