What Learning Models Tell Us to Expect in Three-by-Three Bimatrix Games

Nicole Marie Bouchez
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Nicole Marie Bouchez: Department of Economics, Royal Holloway, University of London

No 00/3, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: This paper extends several existing learning models to investigate their fixed points (their long run predictions of play). The fixed points of the model are not necessarily at the Nash equilibria of the payoff matrices but are a function of both the Nash equilibria and the parameters of the model. The stability of these fixed points also depends on both the characteristics of the payoff matrix used and the parameters of the models. These new findings indicate that behaviour previously though to be inconsistent with theory may not necessarily be so.

Keywords: Learning; Beliefs; Reinforcement. (search for similar items in EconPapers)
JEL-codes: C72 C73 D83 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2001-02, Revised 2001-02
New Economics Papers: this item is included in nep-dev, nep-dge, nep-ino and nep-tid
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