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A Reinforcement Procedure Leading To Correlated Equilibrium

In: Simple Adaptive Strategies From Regret-Matching to Uncoupled Dynamics

Author

Listed:
  • Sergiu Hart
  • Andreu Mas-Colell

Abstract

We consider repeated games where at any period each player knows only his set of actions and the stream of payoffs that he has received in the past. He knows neither his own payoff function, nor the characteristics of the other players (how many there are, their strategies and payoffs). In this context, we present an adaptive procedure for play—called “modified-regret matching”—which is interpretable as a stimulus-response or reinforcement procedure, and which has the property that any limit point of the empirical distribution of play is a correlated equilibrium of the stage game.

Suggested Citation

  • Sergiu Hart & Andreu Mas-Colell, 2013. "A Reinforcement Procedure Leading To Correlated Equilibrium," World Scientific Book Chapters, in: Simple Adaptive Strategies From Regret-Matching to Uncoupled Dynamics, chapter 4, pages 77-98, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814390705_0004
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    Cited by:

    1. Karl Schlag & Andriy Zapechelnyuk, 2009. "Decision Making in Uncertain and Changing Environments," Discussion Papers 19, Kyiv School of Economics.
    2. Nabil Al-Najjar & Sandeep Baliga & David Besanko, 2005. "The Sunk Cost Bias and Managerial Pricing Practices," Levine's Bibliography 666156000000000496, UCLA Department of Economics.
    3. Germano, Fabrizio & Lugosi, Gabor, 2007. "Global Nash convergence of Foster and Young's regret testing," Games and Economic Behavior, Elsevier, vol. 60(1), pages 135-154, July.
    4. Michel Benaïm & Josef Hofbauer & Sylvain Sorin, 2005. "Stochastic Approximations and Differential Inclusions; Part II: Applications," Working Papers hal-00242974, HAL.
    5. Gabor Lugosi & Shie Mannor & Gilles Stoltz, 2008. "Strategies for prediction under imperfect monitoring," Post-Print hal-00124679, HAL.

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