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Título
Stability of strict equilibria in best experienced payoff dynamics: Simple formulas and applications
Año del Documento
2022
Editorial
Elsevier
Descripción
Producción Científica
Documento Fuente
Journal of Economic Theory, 2022, vol. 206, 105553
Abstract
We consider a family of population game dynamics known as Best Experienced Payoff Dynamics. Under these dynamics, when agents are given the opportunity to revise their strategy, they test some of their possible strategies a fixed number of times. Crucially, each strategy is tested against a new randomly drawn set of opponents. The revising agent then chooses the strategy whose total payoff was highest in the test, breaking ties according to a given tie-breaking rule. Strict Nash equilibria are rest points of these dynamics, but need not be stable. We provide some simple formulas and algorithms to determine the stability or instability of strict Nash equilibria.
Materias Unesco
53 Ciencias Económicas
ISSN
0022-0531
Revisión por pares
SI
Patrocinador
Agencia Estatal de Investigación (project PID2020-118906GB-I00/AEI/10.13039/501100011033)
Ministerio de Ciencia, Innovación y Universidades (projects PRX19/00113 and PRX21/00295)
Ministerio de Ciencia, Innovación y Universidades (projects PRX19/00113 and PRX21/00295)
Propietario de los Derechos
© 2022 The Authors
Idioma
eng
Tipo de versión
info:eu-repo/semantics/publishedVersion
Derechos
openAccess
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