The Theory of Learning in Games

by Fudenberg, Levine

ISBN: 9780262529242 | Copyright 1998

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In economics, most noncooperative game theory has focused on equilibrium in games, especially Nash equilibrium and its refinements. The traditional explanation for when and why equilibrium arises is that it results from analysis and introspection by the players in a situation where the rules of the game, the rationality of the players, and the players' payoff functions are all common knowledge. Both conceptually and empirically, this theory has many problems.

In The Theory of Learning in Games Drew Fudenberg and David Levine develop an alternative explanation that equilibrium arises as the long-run outcome of a process in which less than fully rational players grope for optimality over time. The models they explore provide a foundation for equilibrium theory and suggest useful ways for economists to evaluate and modify traditional equilibrium concepts.

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Contents (pg. vii)
Series Foreword (pg. xi)
Acknowledgments (pg. xiii)
1 Introduction (pg. 1)
2 Fictitious Play (pg. 29)
3 Replicator Dynamics and Related Deterministic Models of Evolution (pg. 51)
4 Stochastic Fictitious Play and Mixed-Strategy Equilibria (pg. 101)
5 Adjustment Models with Persistent Randomness (pg. 137)
6 Extensive-Form Games and Self-confirming Equilibrium (pg. 175)
7 Nash Equilibrium, Large Population Models, and Mutations in Extensive-Form Games (pg. 201)
8 Sophisticated Learning (pg. 231)
Index (pg. 269)

Drew Fudenberg

Drew Fudenberg is Professor of Economics at MIT.

David K. Levine

David K. Levine is John H. Biggs Distinguished Professor of Economics at Washington University, St. Louis.

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