Belief affirming in learning processes
Article Abstract:
Players engaged in the repeated play of a finite game in strategic form are said to undergo a learning process when they form beliefs about the next joint move of the others in each period and use this to subsequently select an action that maximizes their payoff in the period following. A study investigated a consistency condition, called belief affirming, which relates beliefs about strategies to payoffs. It was demonstrated that every smooth discrete fictitious play and every continuous fictitious play is belief affirming.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1997
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A voluntary participation game with a non-excludable public good
Article Abstract:
An earlier public goods model implicitly assumed that agent participation in mechanism design was involuntary. This model does not assume the non-excludability of public goods. A model has been developed to integrate non-excludability and establish a two-stage game with voluntary market buyers, where market agents act based on their own decision and on knowledge of others' decisions. This model shows that non-equilibrium conditions arise when all agents participate.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1999
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