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      • Faculty of Economics, Administrative And Social Sciences
      • Department of Economics
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      Learning by imitation

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      Author
      Başçı, E.
      Date
      1999
      Source Title
      Journal of Economic Dynamics and Control
      Print ISSN
      0165-1889
      Publisher
      Elsevier BV
      Volume
      23
      Issue
      9-10
      Pages
      1569 - 1585
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      This paper introduces a learning algorithm that allows for imitation in recursive dynamic games. The Kiyotaki-Wright model of money is a well-known example of such decision environments. In this context, learning by experience has been studied before. Here, we introduce imitation as an additional channel for learning. In numerical simulations, we observe that the presence of imitation either speeds up social convergence to the theoretical Markov-Nash equilibrium or leads every agent of the same type to the same mode of suboptimal behavior. We observe an increase in the probability of convergence to equilibrium, as the incentives for optimal play become more pronounced.
      Keywords
      Dynamic optimization
      Imitation
      Kiyotaki-Wright model of money
      Learning
      Permalink
      http://hdl.handle.net/11693/10926
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/S0165-1889(98)00084-0
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      • Department of Economics 649
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