Results 1  10
of
99
Learning in ExtensiveForm Games: Experimental Data and Simple Dynamic Models in the Intermediate Term
 GAMES AND ECONOMIC BEHAVIOR 8, 164212 (1995)
, 1995
"... We use simple learning models to track the behavior observed in experiments concerning three extensive form games with similar perfect equilibria. In only two of the games does observed behavior approach the perfect equilibrium as players gain experience. We examine a family of learning models which ..."
Abstract

Cited by 358 (15 self)
 Add to MetaCart
We use simple learning models to track the behavior observed in experiments concerning three extensive form games with similar perfect equilibria. In only two of the games does observed behavior approach the perfect equilibrium as players gain experience. We examine a family of learning models which possess some of the robust properties of learning noted in the psychology literature. The intermediate term predictions of these models track well the observed behavior in all three games, even though the models considered differ in their very long term predictions. We argue that for predicting observed behavior the intermediate term predictions of dynamic learning models may be even more important than their asymptotic properties.
A MarketOriented Programming Environment and its Application to Distributed Multicommodity Flow Problems
 Journal of Artificial Intelligence Research
, 1993
"... Market price systems constitute a wellunderstood class of mechanisms that under certain conditions provide effective decentralization of decision making with minimal communication overhead. In a marketoriented programming approach to distributed problem solving, we derive the activities and resour ..."
Abstract

Cited by 299 (20 self)
 Add to MetaCart
Market price systems constitute a wellunderstood class of mechanisms that under certain conditions provide effective decentralization of decision making with minimal communication overhead. In a marketoriented programming approach to distributed problem solving, we derive the activities and resource allocations for a set of computational agents by computing the competitive equilibrium of an artificial economy. Walras provides basic constructs for defining computational market structures, and protocols for deriving their corresponding price equilibria. In a particular realization of this approach for a form of multicommodity flow problem, we see that careful construction of the decision process according to economic principles can lead to efficient distributed resource allocation, and that the behavior of the system can be meaningfully analyzed in economic terms. 1. Distributed Planning and Economics In a distributed or multiagent planning system, the plan for the system as a whole i...
Distributed Algorithmic Mechanism Design: Recent Results and Future Directions
, 2002
"... Distributed Algorithmic Mechanism Design (DAMD) combines theoretical computer science’s traditional focus on computational tractability with its more recent interest in incentive compatibility and distributed computing. The Internet’s decentralized nature, in which distributed computation and autono ..."
Abstract

Cited by 283 (24 self)
 Add to MetaCart
(Show Context)
Distributed Algorithmic Mechanism Design (DAMD) combines theoretical computer science’s traditional focus on computational tractability with its more recent interest in incentive compatibility and distributed computing. The Internet’s decentralized nature, in which distributed computation and autonomous agents prevail, makes DAMD a very natural approach for many Internet problems. This paper first outlines the basics of DAMD and then reviews previous DAMD results on multicast cost sharing and interdomain routing. The remainder of the paper describes several promising research directions and poses some specific open problems.
Epistemic conditions for Nash equilibrium
, 1991
"... According to conventional wisdom, Nash equilibrium in a game “involves” common knowledge of the payoff functions, of the rationality of the players, and of the strategies played. The basis for this wisdom is explored, and it turns out that considerably weaker conditions suffice. First, note that if ..."
Abstract

Cited by 236 (6 self)
 Add to MetaCart
According to conventional wisdom, Nash equilibrium in a game “involves” common knowledge of the payoff functions, of the rationality of the players, and of the strategies played. The basis for this wisdom is explored, and it turns out that considerably weaker conditions suffice. First, note that if each player is rational and knows his own payoff function, and the strategy choices of the players are mutually known, then these choices form a Nash equilibrium. The other two results treat the mixed strategies of a player not as conscious randomization of that player, but as conjectures of the other players about what he will do. When n = 2, mutual knowledge of the payoff functions, of rationality, and of the conjectures yields Nash equilibrium. When n ≥ 3, mutual knowledge of the payoff functions and of rationality, and common knowledge of the conjectures yield Nash equilibrium when there is a common prior. Examples are provided showing these results to be sharp.
Group Size and the Voluntary Provision of Public Goods: Experimental Evidence Utilizing Large Groups
 Journal of Public Economics
, 1994
"... evidence utilizing large groups ..."
Calibrated Learning and Correlated Equilibrium
 Games and Economic Behavior
, 1996
"... Suppose two players meet each other in a repeated game where: 1. each uses a learning rule with the property that it is a calibrated forecast of the others plays, and 2. each plays a best response to this forecast distribution. ..."
Abstract

Cited by 114 (5 self)
 Add to MetaCart
Suppose two players meet each other in a repeated game where: 1. each uses a learning rule with the property that it is a calibrated forecast of the others plays, and 2. each plays a best response to this forecast distribution.
The WALRAS algorithm: A convergent distributed implementation of general equilibrium outcomes
 Computational Economics
, 1998
"... Abstract. The WALRAS algorithm calculates competitive equilibria via a distributed tatonnementlike process, in which agents submit singlegood demand functions to marketclearing auctions. The algorithm is asynchronous and decentralized with respect to both agents and markets, making it suitable for ..."
Abstract

Cited by 113 (11 self)
 Add to MetaCart
Abstract. The WALRAS algorithm calculates competitive equilibria via a distributed tatonnementlike process, in which agents submit singlegood demand functions to marketclearing auctions. The algorithm is asynchronous and decentralized with respect to both agents and markets, making it suitable for distributed implementation. We present a formal description of this algorithm, and prove that it converges under the standard assumption of gross substitutability. We relate our results to the literature on general equilibrium stability and some more recent work on decentralized algorithms. We present some experimental results as well, particularly for cases where the assumptions required to guarantee convergence do not hold. Finally, we consider some extensions and generalizations to the WALRAS algorithm.
Imitation and Belief Learning in an Oligopoly Experiment”,
 Review of Economic Studies,
, 2002
"... We examine the force of three types of behavioural dynamics in quantitysetting triopoly experiments: (1) mimicking the successful firm, (2) rules based on following the exemplary firm, and (3) rules based on belief learning. Theoretically, these three types of rules lead to the competitive, the co ..."
Abstract

Cited by 81 (6 self)
 Add to MetaCart
(Show Context)
We examine the force of three types of behavioural dynamics in quantitysetting triopoly experiments: (1) mimicking the successful firm, (2) rules based on following the exemplary firm, and (3) rules based on belief learning. Theoretically, these three types of rules lead to the competitive, the collusive, and the CournotNash outcome, respectively. In the experiment we employ three information treatments, each of which is hypothesized to be conducive to the force of one of the three dynamic rules. To a large extent, the results are consistent with the hypothesized relationships between treatments, behavioural rules, and outcomes.
Learning in Cournot Oligopoly  An Experiment
, 1997
"... This experiment was designed to test various learning theories in the context of a Cournot oligopoly. We derive theoretical predictions for the learning theories and test these predictions by varying the information given to subjects. The results show that some subjects imitate successful behavior i ..."
Abstract

Cited by 56 (15 self)
 Add to MetaCart
This experiment was designed to test various learning theories in the context of a Cournot oligopoly. We derive theoretical predictions for the learning theories and test these predictions by varying the information given to subjects. The results show that some subjects imitate successful behavior if they have the necessary information, and if they imitate, markets are more competitive. Other subjects follow a best reply process. On the aggregate level we find that more information about demand and cost conditions yields less competitive behavior, while more information about the quantities and profits of other firms yields more competitive behavior.