Arbeitspapier
Imitation and Experimentation in a Changing Environment
This paper analyzes the equilibrium play in a random matching model with a changing environment. Under myopic decision making, players adopt imitation strategies similar to those observed in evolutionary models with sampling from past play in the population. If the players are patient, equilibrium strategies display elements of experimentation in addition to imitation. If the changes in the environment are infrequent enough, these strategies succeed in coordinating almost all of the players on the dominant action almost all of the time. The myopic rules, on the other hand, result in mis-coordination for a positive fraction of time.
- Language
-
Englisch
- Bibliographic citation
-
Series: Discussion Paper ; No. 1275
- Classification
-
Wirtschaft
Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Expectations; Speculations
- Event
-
Geistige Schöpfung
- (who)
-
Squintani, Francesco
Valimaki, Juuso
- Event
-
Veröffentlichung
- (who)
-
Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science
- (where)
-
Evanston, IL
- (when)
-
1999
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Squintani, Francesco
- Valimaki, Juuso
- Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science
Time of origin
- 1999