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Which one should I imitate?

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Author Info
Schlag, Karl H.

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Abstract

We consider the model of social learning by Schlag (1996). Individuals must repeatedly choose an action in a multi-armed bandit. We assume that each indivdiual observes the outcomes of two other individuals' choices before her own next choice must be made -- the original model only allows for one observation. Selection of optimal behavior yields a variant of the proportional imitation rule -- the optimal rule based on one observation. When each individual uses this rule then the adaptation of actions in an infinite population follows an aggregate monotone dynamic.

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File URL: ftp://web.bgse.uni-bonn.de/pub/RePEc/bon/bonsfb/bonsfb365.pdf
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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 365.

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Length: pages
Date of creation: Mar 1996
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Handle: RePEc:bon:bonsfb:365

Contact details of provider:
Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: social learning; multi-armed bandit; imitation; payoff increasing; proportional imitaiton rule; aggregate monotone dynamic.;

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Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Samuelson, L. & Zhang, J., 1991. "Evolutionary Stability in Asymmetric Games," Papers 9132, Tilburg - Center for Economic Research.
    Other versions:
  2. Ellison, Glenn & Fudenberg, Drew, 1995. "Word-of-Mouth Communication and Social Learning," The Quarterly Journal of Economics, MIT Press, vol. 110(1), pages 93-125, February. [Downloadable!] (restricted)
  3. Karl H. Schlag, 1995. "Why Imitate, and if so, How? A Bounded Rational Approach to Multi-Armed Bandits," Discussion Paper Serie B 361, University of Bonn, Germany, revised Mar 1996. [Downloadable!]
    Other versions:
  4. Samuelson, Larry & Zhang, Jianbo, 1992. "Evolutionary stability in asymmetric games," Journal of Economic Theory, Elsevier, vol. 57(2), pages 363-391, August. [Downloadable!] (restricted)
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This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.
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This page was last updated on 2009-10-29.

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