A GENERAL CLASS OF ADAPTIVE STRATEGIES

Sergiu Hart and Andreu Mas-Colell

Chapter 3 in Simple Adaptive Strategies:From Regret-Matching to Uncoupled Dynamics, 2013, pp 47-76 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractWe exhibit and characterize an entire class of simple adaptive strategies, in the repeated play of a game, having the Hannan-consistency property: in the long run, the player is guaranteed an average payoff as large as the best-reply payoff to the empirical distribution of play of the other players; i.e., there is no “regret.” Smooth fictitious play (Fudenberg and Levine 1995) and regret matching (Hart and Mas-Colell 2000) are particular cases. The motivation and application of the current paper come from the study of procedures whose empirical distribution of play is, in the long run, (almost) a correlated equilibrium. For the analysis we first develop a generalization of Blackwell's (1956) approachability strategy for games with vector payoffs.

Keywords: Game Theory; Dynamics; Equilibrium; Nash Equilibrium; Correlated Equilibrium; Adaptive Dynamics; Simple Strategies; Regret-Based Strategies; Uncoupled Dynamics; Bounded Rationality (search for similar items in EconPapers)
Date: 2013
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Related works:
Journal Article: A General Class of Adaptive Strategies (2001)
Working Paper: A General Class of Adaptive Strategies (2000)
Working Paper: A general class of adaptative strategies (1999)
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