English, Article, Journal or magazine article edition: Absolute Expediency and Imitative Behaviour Antonio J. Morales Siles

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Bookmark: http://trove.nla.gov.au/version/160405
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Absolute Expediency and Imitative Behaviour
Author
  • Antonio J. Morales Siles
Physical Description
  • preprint
Notes
  • This paper analyses 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 payoff increases from one round to the next for every decision problem and every state of 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 difference between the received and the sampled payoff (the sampled payoff plays the role of an aspiration level).
  • Social Learning, Decision Problems, Imitation, Bounded Rationality.
  • RePEc:cea:doctra:e2002_03
Language
  • English
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