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A General Class of Adaptive Strategies

Sergiu Hart () and Andreu Mas-Colell

Game Theory and Information from University Library of Munich, Germany

Abstract: We 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 [1956a] approachability strategy for games with vector payoffs.

Keywords: adaptive strategies; approachability; correlated equilibrium; fictitious play; regret (search for similar items in EconPapers)
JEL-codes: C7 D7 C6 (search for similar items in EconPapers)
Date: 1999-04-12, Revised 2000-03-23
Note: Type of Document - Scientific Word v.2.5. First version: March 1999. Revised: December 1999.
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Journal Article: A General Class of Adaptive Strategies (2001) Downloads
Working Paper: A general class of adaptative strategies (1999) Downloads
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