Repeated implementation

Article Abstract:

The possibility of improving the implementation of social alternatives through repetition is investigated. It is assumed that patience enables the implementor to overcome the information extraction problem. Dominant strategy implementation then becomes limitless when the implementor is only interested in doing things right in the long run as compared to an agent who performs time discounting. The results are in stark contrast to the prevailing assumption that dominant strategy implementation in a one shot environment can only be applied to implement dictatorial choices.

Decision-making, Decision making, Resource allocation, Social choice

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Convergence in economic models with Bayesian hierarchies of beliefs

Article Abstract:

An economic model where hierarchies of beliefs are essential is taken in consideration. Conditions were put up under which agents' optimal behavior would meet at the Nash equilibrium characterized by the previously unknown correct fundamentals. The conditions are: (1) contractor property on the best-response mappings and (2) mutual absolute continuity condition on beliefs. Non-satisfaction of the first condition may give rise to an 'anything is possible' result. Non-satisfaction of the second condition may give rise to cyclical of actions for every sample path.

Stochastic processes, Equilibrium (Economics)

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Reputation versus social learning

Article Abstract:

The use of reputation in strategic interaction could cause sudden changes in the equilibrium play of a group engaged in a finitely repeated game is an old notion in game theory. However, this notion do not apply in social settings where the game is played sequentially by many groups. This is illustrated in a model of Bayesian recurring games wherein novel strategies from the rational learning literature are employed.

Prisoner's dilemma game, Social learning, Reputation (Law), Reputation

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