On the Evolution of Imitative Behavior
Jonas Bjoernerstedt and
Karl Schlag ()
ELSE working papers from ESRC Centre on Economics Learning and Social Evolution
We analyze the evolution of behavioral rules for learning how to play a two-armed bandit. Individuals have no information about the underlying pay-off distributions and have limited memory about their own past experience. Instead they must rely on information obtained through observing the per-formance of other individuals. Evolution is modelled using the replicator dynamic with the revision behaviors as replicators. We find that evolution favors a special class of imitative rules. These so-called strictly improving rules (Schlag, 1996) are found to be neutrally stable when facing any two-armed bandit. Further emphasis is put on which rules survive when.
Keywords: multi-armed bandit; social learning; payoff increasing; propor- tional imitation rule; replicator dynamic; neutral stability; survival. (search for similar items in EconPapers)
JEL-codes: C72 C79 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:els:esrcls:029
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