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Learning to play approximate Nash equilibria in games with many players
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Cartwright, Edward (2003) Learning to play approximate Nash equilibria in games with many players. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.671).
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
We illustrate one way in which a population of boundedly rational individuals can learn to play an approximate Nash equilibrium. Players are assumed to make strategy choices using a combination of imitation and innovation. We begin by looking at an imitation dynamic and provide conditions under which play evolves to an imitation equilibrium; convergence is conditional on the network of social interaction. We then illustrate, through example, how imitation and innovation can complement each other; in particular, we demonstrate how imitation can ‚help a population to learn to play a Nash equilibrium where more rational methods do not. This leads to our main result in which we provide a general class of large game for which the imitation with innovation dynamic almost surely converges to an approximate Nash, imitation equilibrium.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory Q Science > QA Mathematics |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Equilibrium (Economics), Imitation, Convergence (Economics), Game theory, Group theory | ||||
Series Name: | Warwick economic research papers | ||||
Publisher: | University of Warwick, Department of Economics | ||||
Place of Publication: | Coventry | ||||
Official Date: | March 2003 | ||||
Dates: |
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Number: | No.671 | ||||
Number of Pages: | 47 | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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