Expedient and Monotone Learning Rules

Tilman Börgers (), Rajiv Sarin and Antonio Morales ()
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Rajiv Sarin: Texas A&M University

No E2001/06, Economic Working Papers at Centro de Estudios Andaluces from Centro de Estudios Andaluces

Abstract: This paper considers learning rules for environments in which little prior and feedback information is available to the decision-maker. Two properties of such learning rules, absolute expediency and monotonicity, are studied. The paper provides some necessary and some sufficient conditions for these properties. A number of examples show that there is quite a large variety of learning rules which have these properties. It is also shown that all learning rules that have these properties are, in some sense, related to replicator dynamics of evolutionary game theory.

Keywords: Absolute expediency; monotonicity; learning rule; decision making (search for similar items in EconPapers)
JEL-codes: D81 D83 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2001
New Economics Papers: this item is included in nep-gth
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Working Paper: Expedient and Monotone Learning Rules (2010)
Journal Article: Expedient and Monotone Learning Rules (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:cea:doctra:e2001_06

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