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Learning, Quantal Response Equilibrium and Equilibrium in Beliefs

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Author Info
Nyarko, Y.
Abstract

This paper makes two points. First, the modeling used in the rational (or Bayesian) learning literature can be generalized to handle the repeated shocks to preferences inherent and implicit in models of quantal response equilibria (QRE). In particular, we note that the Bayesian model and the QRE model are really not as different as often portrayed in the literature. Second, Bayesian learning under appropriate conditions therefore leads to a QRE.

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File URL: http://econ.as.nyu.edu/docs/IO/9187/RR01-03.PDF
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Publisher Info
Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 01-03.

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Length: 19 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:cvs:starer:01-03

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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Related research
Keywords: QUANTAL RESPONSE EQUILIBRIUM; BAYESIAN LEARNING; GAME THEORY;

Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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