1. Popularity of reinforcement-based and belief-based learning models: An evolutionary approach
- Author
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Marcin Dziubiński and Jaideep Roy
- Subjects
Economics and Econometrics ,education.field_of_study ,Control and Optimization ,Applied Mathematics ,Population ,Stochastic game ,Popularity ,Best response ,Replicator equation ,Economics ,Coordination game ,education ,Reinforcement ,Mathematical economics ,Instant - Abstract
In an evolutionary model, players from a given population meet randomly in pairs each instant to play a coordination game. At each instant, the learning model used is determined via some replicator dynamics that respects payoff fitness. We allow for two such models: a belief-based best-response model that uses a costly predictor, and a costless reinforcement-based one. This generates dynamics over the choice of learning models and the consequent choices of endogenous variables. We report conditions under which the long run outcomes are efficient (or inefficient) and they support the exclusive use of either of the models (or their co-existence).
- Published
- 2012
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