The efficiency of adapting aspiration levels

Posch, M., Pichler, A., & Sigmund, K. (1999). The efficiency of adapting aspiration levels. Proceedings of the Royal Society B: Biological Sciences 266 (1427) 1427-1435. 10.1098/rspb.1999.0797.

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Win-stay, lose-shift strategies in repeated games are based on an aspiration level. A move is repeated if and only if the outcome, in the previous round, was satisficing in the sense that the payoff was at least as high as the aspiration level. We investigate the conditions under which adaptive mechanisms acting on the aspiration level (selection, for instance, or learning) can lead to an efficient outcome; in other words, when can satisficing become optimizing? Analytical results for 2 times 2-games are presented. They suggest that in a large variety of social interactions, self-centred rules (based uniquely on one's own payoff) cannot suffice.

Item Type: Article
Uncontrolled Keywords: Games; Satisficing; Learning rules; Natural selection
Research Programs: Adaptive Dynamics Network (ADN)
Bibliographic Reference: Proceedings of the Royal Society B: Biological Sciences; 266(1427):1427-1435 (22 July 1999)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 02:10
Last Modified: 27 Aug 2021 17:16

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