English, Article, Journal or magazine article edition: Learning by Trial and Error H. Peyton Young

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Bookmark: http://trove.nla.gov.au/version/21162
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Learning by Trial and Error
Author
  • H. Peyton Young
Physical Description
  • preprint
Notes
  • A person learns by trial and error if he occasionally tries out new strategies, rejecting choices that are erroneous in the sense that they do not lead to higher payoffs. In a game, however, strategies can become erroneous due to a change of behavior by someone else. We introduce a learning rule in which behavior is condition on whether a player experiences an error of the first or second type. This rule, called interactive trial and error learning, implements Nash equilibrium behavior in any game with generic payoffs and at least one pure Nash equilibrium.
  • Learning, Adaptive Dynamics, Nash Equilibrium, Bounded Rationality
  • RePEc:oxf:wpaper:384
Language
  • English
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