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Simple Adaptive Strategies: From Regret-Matching to Uncoupled Dynamics (World Scientific Series in Economic Theory)

Sergiu Hart

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ISBN 10: 9814390690 / ISBN 13: 9789814390699
Published by World Scientific Publishing Company, 2013
Used Condition: Good Hardcover
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Bibliographic Details

Title: Simple Adaptive Strategies: From ...

Publisher: World Scientific Publishing Company

Publication Date: 2013

Binding: Hardcover

Book Condition:Good

About this title

Synopsis:

This volume collects almost two decades of joint work of Sergiu Hart and Andreu Mas-Colell on game dynamics and equilibria. The starting point was the introduction of the adaptive strategy called regret-matching, which on the one hand is simple and natural, and on the other is shown to lead to correlated equilibria. This initial finding — boundedly rational behavior that yields fully rational outcomes in the long run — generated a large body of work on the dynamics of simple adaptive strategies. In particular, a natural condition on dynamics was identified: uncoupledness, whereby decision-makers do not know each other's payoffs and utilities (so, while chosen actions may be observable, the motivations are not). This condition turns out to severely limit the equilibria that can be reached. Interestingly, there are connections to the behavioral and neurobiological sciences and also to computer science and engineering (e.g., via notions of “regret”).Simple Adaptive Strategies is self-contained and unified in its presentation. Together with the formal treatment of concepts, theorems, and proofs, significant space is devoted to informal explanations and illuminating examples. It may be used for advanced graduate courses — in game theory, economics, mathematics, computer science, engineering — and for further research.

About the Author:

Sergiu Hart is the Kusiel-Vorreuter University Professor, Professor of Mathematics, and Professor of Economics, at the Hebrew University of Jerusalem. He was born in Romania, and received his Ph.D. in mathematics at Tel Aviv University in 1976. His previous academic appointments were at Stanford University, Tel Aviv University, and Harvard University (visiting).

The main area of research of Sergiu Hart is game theory and economic theory, with additional contributions in mathematics, computer science, probability and statistics. Among his major contributions are studies of strategic foundations of cooperation; strategic use of information in long-term interactions ("repeated games"); adaptive and evolutionary dynamics, particularly with boundedly rational agents; perfect economic competition and its relations to models of fair distribution; and riskiness.

Andreu Mas-Colell is Professor of Economics (Catedratico) at the Universitat Pompeu Fabra, Barcelona, Spain. Formerly he was Professor of Economics at Harvard University (1981-1996), Professor of Economics and Mathematics at the University of California, Berkeley (1972-1980) and Chairman of the Barcelona Graduate School of Economics (2006-2010). He holds Honoris Causa Doctorates from the universities of Alacant, Toulouse, HEC (Paris) and Universidad Nacional del Sur (Argentina). He has received the Rey Juan Carlos I Prize in Economics (1988), the Pascual Madoz (National Research Prize) (2006), and the Premio Fundación BBVA Fronteras del Conocimiento en Economía, Finanzas y Gestion de Empresas -- shared with H. Sonnenschein -- (2009). He has served as main Editor of the Journal of Mathematical Economics (1985-1988), and of Econometrica (1988-1992).

Andreu Mas-Colell has written some 100 research papers on subjects ranging from abstract general equilibrium theory and the structure of financial markets to pricing policy for public firms. He is the author of The Theory of General Economic Equilibrium: A Differentiable Approach (Cambridge University Press, 1985) and co-author with M. Whinston and J. Green, of the graduate textbook Microeconomic Theory (Oxford University Press, 1994).

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