English, Article, Journal or magazine article edition: Learning to Forgive Thomas W.L. Norman

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Bookmark: http://trove.nla.gov.au/version/21041
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Learning to Forgive
Author
  • Thomas W.L. Norman
Physical Description
  • preprint
Notes
  • The Folk Theorem for infinitely repeated games offers an embarrassment of riches; nowhere is equilibrium multiplicity more acute. This paper selects amongst these equilibria in the following sense. If players learn to play an infinitely repeated game using classical hypothesis testing, it is known that their strategies almost always approximate equilibria of the repeated game. It is shown here that if, in addition, they are sufficiently "conservative" in adopting their hypotheses, then almost all of the time is spent approximating an efficient subset of equilibria that share a "forgiving" property. This result provides theoretical justification for the general sense amongst practitioners that efficiency is focal in such games.
  • Repeated Games, Folk Theorem, Learning, Hypothesis Testing, Equilibrium Selection
  • RePEc:oxf:wpaper:296
Language
  • English
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