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Microeconomic TheoryA Concise Course$
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James Bergin

Print publication date: 2005

Print ISBN-13: 9780199280292

Published to Oxford Scholarship Online: July 2005

DOI: 10.1093/0199280290.001.0001

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Evolution and Learning

Evolution and Learning

(p.323) 20 Evolution and Learning
Microeconomic Theory

James Bergin (Contributor Webpage)

Oxford University Press

Studies evolution and learning. The discussion includes fictitious play and replicator dynamics, and stochastic stability is considered at length. Following this, some detailed discussion of stochastic stability is given, including the computation of invariant distributions and minimum cost trees. Blackwell approachability is used to define strategies that minimize regret across all actions. This is then connected to correlated equilibrium. Calibrated forecasts are defined, and a connection to correlated equilibria also noted. Provides a brief discussion of Bayesian learning and the key role of the martingale convergence theorem.

Keywords:   Blackwell approachability, calibration, fictitious play, invariant distributions, regret minimization, replicator dynamics, stochastic stability

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