Chapter

Evolution and Learning

James Bergin

in Microeconomic Theory

Published in print May 2005 | ISBN: 9780199280292
Published online July 2005 | e-ISBN: 9780191602498 | DOI: http://dx.doi.org/10.1093/0199280290.003.0020
 Evolution and Learning

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Studies evolution and learning. The discussion includes fictitious play and replicator dynamics, and stochastic stability is considered at length. Following this, some detailed discussion of stochastic stability is given, including the computation of invariant distributions and minimum cost trees. Blackwell approachability is used to define strategies that minimize regret across all actions. This is then connected to correlated equilibrium. Calibrated forecasts are defined, and a connection to correlated equilibria also noted. Provides a brief discussion of Bayesian learning and the key role of the martingale convergence theorem.

Keywords: Blackwell approachability; calibration; fictitious play; invariant distributions; regret minimization; replicator dynamics; stochastic stability

Chapter.  17237 words.  Illustrated.

Subjects: Microeconomics

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