Better-reply dynamics with bounded recall

Zapechelnyuk, A. (2008) Better-reply dynamics with bounded recall. Mathematics of Operations Research, 33(4), pp. 869-879. (doi: 10.1287/moor.1080.0323)

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A decision maker is engaged in a repeated interaction with Nature. The objective of the decision maker is to guarantee to himself the average payoff as large as the best-reply payoff to Nature's empirical distribution of play, no matter what Nature does. The decision maker with perfect recall can achieve this objective by a simple better-reply strategy. In this paper we demonstrate that the relationship between perfect recall and bounded recall is not straightforward: The decision maker with bounded recall may fail to achieve this objective, no matter how long his recall and no matter what better-reply strategy he uses.

Item Type:Articles
Glasgow Author(s) Enlighten ID:Zapechelnyuk, Professor Andriy
Authors: Zapechelnyuk, A.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Mathematics of Operations Research
ISSN (Online):1526-5471

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