Larry Samuelson's Evolutionary Games and Equilibrium Selection PDF

By Larry Samuelson

ISBN-10: 0262692198

ISBN-13: 9780262692199

Evolutionary video game concept is without doubt one of the such a lot energetic and swiftly starting to be parts of study in economics. not like conventional video game concept types, which think that every one gamers are totally rational and feature whole wisdom of information of the online game, evolutionary versions imagine that folks select their ideas via a trial-and-error studying procedure during which they steadily become aware of that a few thoughts paintings larger than others. In video games which are repeated again and again, low-payoff innovations are usually weeded out, and an equilibrium may perhaps emerge.Larry Samuelson has been one of many major members to the evolutionary online game concept literature. In Evolutionary video games and Equilibrium choice, he examines the interaction among evolutionary online game concept and the equilibrium choice challenge in noncooperative video games. After offering an outline of the elemental problems with video game thought and a presentation of the elemental types, the publication addresses evolutionary balance, the dynamics of pattern paths, the ultimatum video game, glide, noise, from side to side induction, and strict Nash equilibria.

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Extra resources for Evolutionary Games and Equilibrium Selection

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The equilibrium refinements literature has been successful in forcing game theorists to make precise their arguments for choosing one equilibrium over another. Intuition and judgment may still be the best guide to equilibrium selection, but refinements provide the means for identifying and isolating the features of an equilibrium that make it intuitively attractive. One of the first refinements of sequential equilibrium was named the "Intuitive Criterion" by Cho and Kreps [64] in recognition of its being designed to capture what they found intuitively appealing about certain equilibria.

Using these weights, Axelrod calculated the average payoff of each strategy against all other strategies. He then adjusted the weights, increasing the weight on those strategies with relatively high average payoffs and decreasing the weights on strategies with low average payoffs. These weights might be interpreted as the proportions of a population consisting of the various strategies, with a process of selection increasing the proportion of high-payoff strategies and decreasing the proportion of low-payoff strategies.

However, there is a sufficiently large leap from the theoretical world where GARP is derived to even the most tightly controlled experimental or empirical exercise as to allow sufficient room for an apologist to rationalize a failure of GARP. For example, the choices that we can observe are necessarily made sequentially, which in turn causes different choices to be made in slightly different situations and with slightly different endowments, allowing enough latitude for apparent violations of GARP to be explained.

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Evolutionary Games and Equilibrium Selection by Larry Samuelson


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