English, Article, Journal or magazine article edition: Adaptive Play by Idiosyncratic Agents David P. Myatt; Chris Wallace

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Bookmark: http://trove.nla.gov.au/version/20949
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Adaptive Play by Idiosyncratic Agents
Author
  • David P. Myatt
  • Chris Wallace
Physical Description
  • preprint
Notes
  • Equilibrium selection in coordination games has generated a large literature. Kandori, Mailath and Rob (1993) and Young (1993) studied dynamic models of aggregate behaviour in which agents choose best responses to observations of population play. Crucially, infrequent mistakes (`mutations`) allow agents to take actions contrary to current trends and prevent initial configurations from determining long run play. An alternative approach is offered here: Harsanyian trembles are added to agents` payoffs so that with some probability it is optimal to act against the flow of play. The long run distribution of population behaviour is characterised - modes correspond to stable Bayesian Nash equilibria. Allowing the variance of payoff trembles to vanish, via a purification process, a single equilibrium is played almost always in the long run. Kandori et al and Young show that the number of contrarian actions required to escape an equilibrium determines selection; here, the likelihood that such actions are taken is of equal importance.
  • adaptive dynamics, payoff idiosyncrasy, evolution, equilibrium selection
  • RePEc:oxf:wpaper:089
Language
  • English
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