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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Simple Adaptive Strategies

Simple Adaptive Strategies

Hart Sergiu

Hardcover

Series: World Scientific Economic Theory, Book 4

EconomicsGeneral MathematicsProbability & Statistics

ISBN10: 9814390690
ISBN13: 9789814390699
Publisher: World Scientific Publishing Company
Published: Feb 2 2013
Pages: 336
Weight: 1.35
Height: 1.00 Width: 6.10 Depth: 9.10
Language: English
This volume collects almost two decades of joint work of Sergiu Hart and Andreu Mas-Colell on game dynamics and equilibria. The starting point was the introduction of the adaptive strategy called regret-matching, which on the one hand is simple and natural, and on the other is shown to lead to correlated equilibria. This initial finding -- boundedly rational behavior that yields fully rational outcomes in the long run -- generated a large body of work on the dynamics of simple adaptive strategies. In particular, a natural condition on dynamics was identified: uncoupledness, whereby decision-makers do not know each other's payoffs and utilities (so, while chosen actions may be observable, the motivations are not). This condition turns out to severely limit the equilibria that can be reached. Interestingly, there are connections to the behavioral and neurobiological sciences and also to computer science and engineering (e.g., via notions of regret).Simple Adaptive Strategies is self-contained and unified in its presentation. Together with the formal treatment of concepts, theorems, and proofs, significant space is devoted to informal explanations and illuminating examples. It may be used for advanced graduate courses -- in game theory, economics, mathematics, computer science, engineering -- and for further research.

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