Comparative learning dynamics

Research output: Journal Publications and ReviewsRGC 21 - Publication in refereed journalpeer-review

17 Scopus Citations
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Original languageEnglish
Pages (from-to)431-465
Journal / PublicationInternational Economic Review
Volume45
Issue number2
Online published19 Apr 2004
Publication statusPublished - May 2004

Abstract

We study economic environments in which agents make choices on the basis of relative performance criteria and call the associated class of dynamic adjustment rules comparative dynamics. We distinguish two classes of learning behavior: learning from the population experience (imitative dynamics) and learning only from one's own experience (introspective dynamics). Paradoxically, for a broad class of models, comparing stochastically stable states across dynamics, agent payoffs are lower for imitative than introspective dynamics - mimicking best practice in the population is counterproductive.

Citation Format(s)

Comparative learning dynamics. / Bergin, James; Bernhardt, Dan.
In: International Economic Review, Vol. 45, No. 2, 05.2004, p. 431-465.

Research output: Journal Publications and ReviewsRGC 21 - Publication in refereed journalpeer-review