Imitation and experimentation in changing contests


Squintani, Francesco and Valimaki, Juuso (2002) Imitation and experimentation in changing contests. Journal of Economic Theory, 104, (2), 376-404. (doi:10.1006/jeth.2001.2889).

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Original Publication URL: http://dx.doi.org/10.1006/jeth.2001.2889

Description/Abstract

This paper analyzes the equilibrium play of individuals that are randomly matched to play a contest where the dominant action changes over time. Under myopic decision making, players adopt imitation strategies similar to those observed in evolutionary models with sampling from past play in the population. If the players are patient, equilibrium strategies display elements of experimentation in addition to imitation. If the changes in the environment are infrequent enough, these strategies succeed in coordinating almost all of the players on the dominant action almost all of the time. The myopic rules, on the other hand, result in miscoordination for a positive fraction of time. Journal of Economic Literature Classification Numbers: C73, D83, D84.

Item Type: Article
ISSNs: 0022-0531 (print)
Related URLs:
Subjects: H Social Sciences > HB Economic Theory
Divisions: University Structure - Pre August 2011 > School of Social Sciences > Economics
ePrint ID: 33054
Date Deposited: 15 May 2006
Last Modified: 27 Mar 2014 18:20
URI: http://eprints.soton.ac.uk/id/eprint/33054

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