Absolutely expedient imitative behavior
نویسنده
چکیده
This paper analyzes a model of learning by imitation, where besides the decision maker, there is a population of individuals facing the same decision problem. We analyze a property called Absolute Expediency, which requires that the decision maker’s expected payo¤ increases from one round to the next for every decision problem and every profile of realized actions taken by the population. We give a simple characterization of the expediency property and show that its basic feature is proportional imitation: the change in the probability attached to the played action is proportional to the di¤erence between the received and the sampled payo¤ (the sampled payo¤ plays the role of an aspiration level).
منابع مشابه
A note on absolutely expedient learning rules
I provide a full characterization of the set of absolutely expedient learning rules introduced in Börgers, Morales, and Sarin (2004) [“Expedient and monotone learning rules,” Econometrica, 72, 383–405]. The expected change in the expected payoff can be written as a quadratic form on the vector of relative expected payoffs of the strategies. This permits use of standard linear algebra arguments ...
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ورودعنوان ژورنال:
- Int. J. Game Theory
دوره 31 شماره
صفحات -
تاریخ انتشار 2003