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A note on absolutely expedient learning rules

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  • Oyarzun, Carlos

Abstract

I provide a full characterization of the set of absolutely expedient learning rules introduced in Börgers et al. [2]. The expected change in the expected payoff can be written as a quadratic form on the vector of relative expected payoffs of the strategies. This permits use of standard linear algebra arguments to provide a characterization in terms of the matrix defining this quadratic form.

Suggested Citation

  • Oyarzun, Carlos, 2014. "A note on absolutely expedient learning rules," Journal of Economic Theory, Elsevier, vol. 153(C), pages 213-223.
    • Handle: RePEc:eee:jetheo:v:153:y:2014:i:c:p:213-223
    DOI: 10.1016/j.jet.2014.07.002
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    References listed on IDEAS

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    1. Tilman Börgers & Antonio J. Morales & Rajiv Sarin, 2004. "Expedient and Monotone Learning Rules," Econometrica, Econometric Society, vol. 72(2), pages 383-405, March.
    2. Oyarzun, Carlos & Sarin, Rajiv, 2013. "Learning and risk aversion," Journal of Economic Theory, Elsevier, vol. 148(1), pages 196-225.
    3. Drew Fudenberg & David K. Levine, 2009. "Learning and Equilibrium," Annual Review of Economics, Annual Reviews, vol. 1(1), pages 385-420, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Absolute expediency; Learning rules; Built-in similarity;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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