2024-03-28T18:08:11Zhttps://riubu.ubu.es/oai/requestoai:riubu.ubu.es:10259/70082022-11-02T13:37:17Zcom_10259_3830com_10259_5086com_10259_2604col_10259_3832
Stability of Strict Equilibria in Best Experienced Payoff Dynamics: Simple Formulas and Applications
Izquierdo, Segismundo S.
Izquierdo Millán, Luis Rodrigo
Best experienced payoff
Procedural rationality
Payoff-sampling dynamics
Stability
Matemáticas
Economía
Mathematics
Economy
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.
Spanish State Research Agency (PID2020-118906GB-I00/AEI/10.13039/501100011033), from the Spanish Ministry of Science, Innovation and Universities (PRX19/00113, PRX21/00295), and from the Fulbright Program (PRX19/00113, PRX21/00295), is gratefully acknowledged. Luis R. Izquierdo is grateful to the Center for Control, Dynamical Systems, and Computation at UC Santa Barbara, where part of this work was done, for their hospitality.
2022-09-22T07:30:11Z
2022-09-22T07:30:11Z
2022-09
info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
0022-0531
http://hdl.handle.net/10259/7008
10.1016/j.jet.2022.105553
eng
Journal of Economic Theory. 2022, In Press, 105553
https://doi.org/10.1016/j.jet.2022.105553
info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2020-118906GB-I00/ES/INTERACCIONES DINAMICAS DISTRIBUIDAS: PROTOCOLOS BEST EXPERIENCED PAYOFF Y SEPARACION ENDOGENA
info:eu-repo/grantAgreement/MECD/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PRX19%2F00113
info:eu-repo/grantAgreement/MIU//PRX21%2F00295
Atribución 4.0 Internacional
http://creativecommons.org/licenses/by/4.0/
info:eu-repo/semantics/openAccess
application/pdf
Elsevier
https://riubu.ubu.es/bitstream/10259/7008/4/Izquierdo-jet_2022.pdf.jpg
Hispana
TEXT
http://creativecommons.org/licenses/by/4.0/
RIUBU. Repositorio Institucional de la Universidad de Burgos
http://hdl.handle.net/10259/7008