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Quantal Response EquilibriumA Stochastic Theory of Games$
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Jacob K. Goeree, Charles A. Holt, and Thomas R. Palfrey

Print publication date: 2016

Print ISBN-13: 9780691124230

Published to Princeton Scholarship Online: January 2018

DOI: 10.23943/princeton/9780691124230.001.0001

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Dynamics and Learning

Dynamics and Learning

Chapter:
(p.112) 5 Dynamics and Learning
Source:
Quantal Response Equilibrium
Author(s):

Jacob K. Goeree

Charles A. Holt

Thomas R. Palfrey

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691124230.003.0005

This chapter explores questions related to learning and dynamics. The first part explores dynamic quantal response equilibrium models where strategies are conditioned on observed histories of past decisions and outcomes of stage games. The second part considers models in which players are learning about others' behavior via a process in which they may update and respond to current beliefs in a noisy (quantal) manner. The final section explores learning models that involve quantal responses to beliefs formed by processing information from finite (but possibly long) histories of prior or observed action profiles. The formulation permits consideration of a wide variety of exogenous or even endogenous (e.g., least squares) learning rules.

Keywords:   dynamic quantal response equilibrium, QRE, learning models, dynamics

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