Comparative learning dynamics

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalNot applicablepeer-review

14 Scopus Citations
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Original languageEnglish
Pages (from-to)431-465
Journal / PublicationInternational Economic Review
Volume45
Issue number2
Early online date19 Apr 2004
StatePublished - 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 Reviews (RGC: 21, 22, 62)21_Publication in refereed journalNot applicablepeer-review