Strategic Learning and its Limits
By (author) H. Peyton Young
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Strategic Learning and its Limits by H. Peyton Young
Book DescriptionIn this concise book based on his Arne Ryde Lectures in 2002, Young suggests a conceptual framework for studying strategic learning and highlights theoretical developments in the area. He discusses the interactive learning problem; reinforcement and regret; equilibrium; conditional no-regret learning; prediction, postdiction, and calibration; fictitious play and its variants; Bayesian learning; and hypothesis testing. Young's framework emphasizes the amount of information required to implement different types of learning rules, criteria for evaluating their performance, and alternative notions of equilibrium to which they converge. He also stresses the limits of what can be achieved: for a given type of game and a given amount of information, there may exist no learning procedure that satisfies certain reasonable criteria of performance and convergence. In short, Young has provided a valuable primer that delineates what we know, what we would like to know, and the limits of what we can know, when we try to learn about a system that is composed of other learners.
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Book DetailsISBN: 9780199269181
(224mm x 146mm x 16mm)
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 4-Nov-2004
Country of Publication: United Kingdom
Books By Author H. Peyton Young
Social Dynamics, Paperback (March 2004)
This collection of essays presents a variety of approaches to understanding the dynamics of human interaction.
Fair Representation, Paperback (August 2001)
Using US history as a guide, this text develops a theory of fair representation that establishes various principles for translating state populations - or vote totals of parties - into a fair allocation of congressional seats.
Individual Strategy and Social Structure, Paperback (January 2001)
Neoclassical economics assumes that people are highly rational and can reason their way through even the most complex economic problems. This book shows how the cumulative experiences of many individuals coalesce over time into customs, norms, and institutions that govern economic and social life.
Equity, Paperback (August 1995)» View all books by H. Peyton Young
Governments and institutions, perhaps even more than markets, determine who gets what in our society. This title offers a systematic explanation of what we mean by fairness in distributing public resources and burdens, and applies the theory to actual cases.
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Author Biography - H. Peyton Young
H. Peyton Young is Senior Fellow in Economic Studies and Governance Studies and Co-Director of the Center on Social and Economic Dynamics at the Brookings Institution. He is also Scott and Barbara Black Professor of Economics at Johns Hopkins University and a Member of the Science Steering Committee at the Santa Fe Institute. His main areas of research and expertise are game theory, the design of legislative systems, public sector pricing, social norms, and public policy, in all of which he has published extensively.
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