Stochastic Learning in Co-ordination Games: a Simulation Approach

Enrico Zaninotto (), Alessandro Rossi () and Loris Gaio
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Enrico Zaninotto: DISA, Faculty of Economics, Trento University

No 1, ROCK Working Papers from Department of Computer and Management Sciences, University of Trento, Italy

Abstract: In the presence of externalities, consumption behaviour depends on the solution of a co-ordination problem. In our paper we suggest a learning approach to the study of co-ordination in consumption contexts where agents adjust their choices on the basis of the reinforcement (payoff) they receive during the game. The results of simulations allowed us to distinguish the roles of different aspects of learning in enabling co-ordination within a population of agents. Our main results highlight: 1. the role played by the speed of learning in determining failures of the co-ordination process; 2. the effect of forgetting past experiences on the speed of the co-ordination process; 3. the role of experimentation in bringing the process of co-ordination into an efficient equilibrium.

Pages: 27 pages
Date: 1999-01, Revised 1999-05-21
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Related works:
Working Paper: Stochastic learning in coordination games: a simulation approach (2003)
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