- Abstract:
-
In trial and error learning, agents experiment with new strategies and adopt them with a probability that depends on their realized payoffs. Such rules are completely uncoupled, that is, each agent’s behaviour depends only on his own realized payoffs and not on the payoffs or actions of anyone else. We show that by modifying a trial and error learning rule proposed by Young (2009) we obtain a completely uncoupled learning process that selects a Pareto optimal equilibrium whenever a pure equ...
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- Volume:
- 480
- Series:
- Discussion paper series
- Publication date:
- 2010-01-01
- URN:
-
uuid:7533941f-4aad-4634-b0f9-f60cf8197c67
- Local pid:
- oai:economics.ouls.ox.ac.uk:14728
- Language:
- English
- Copyright date:
- 2010
Working paper
Efficiency and Equilibrium in Trial and Error Learning.
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