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Which one should I imitate? (English) Zbl 0947.91025

The author considers the decision problem known as a multi-armed bandit. He studies the problem of how a bounded rational individual should learn from the experience of a limited number of other individuals who face the same decision.

MSC:

91B06 Decision theory
91A26 Rationality and learning in game theory
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[1] Axelrod, R.M., 1984. The Evolution of Cooperation. Basic Books, New York.; Axelrod, R.M., 1984. The Evolution of Cooperation. Basic Books, New York. · Zbl 1225.92037
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[3] Björnerstedt, J., Schlag, K.H., 1996. On the evolution of imitative behavior. Discussion Paper B-378. University of Bonn.; Björnerstedt, J., Schlag, K.H., 1996. On the evolution of imitative behavior. Discussion Paper B-378. University of Bonn.
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[8] Kirchkamp, O., 1996. Spatial evolution of automata in the prisoner’s dilemma. In: Troitzsch, K.G., Mueller, U., Gilbert, G.N., Doran, J.E. (Eds.), Social Science Microsimulation. Springer-Verlag, Berlin, pp. 307-358.; Kirchkamp, O., 1996. Spatial evolution of automata in the prisoner’s dilemma. In: Troitzsch, K.G., Mueller, U., Gilbert, G.N., Doran, J.E. (Eds.), Social Science Microsimulation. Springer-Verlag, Berlin, pp. 307-358.
[9] Malawski, M., 1989. Some learning processes in population games. Inaugural-Dissertation. University of Bonn.; Malawski, M., 1989. Some learning processes in population games. Inaugural-Dissertation. University of Bonn.
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[12] Sarin, R., 1993. An axiomatization of the cross learning dynamic. Mimeo. University of California, San Diego.; Sarin, R., 1993. An axiomatization of the cross learning dynamic. Mimeo. University of California, San Diego.
[13] Schlag, K.H., 1997. Why imitate, and if so, how? A bounded rational approach to multi-armed bandits. J. Econ. Theory, forthcoming.; Schlag, K.H., 1997. Why imitate, and if so, how? A bounded rational approach to multi-armed bandits. J. Econ. Theory, forthcoming. · Zbl 0895.90003
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