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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 3, Number 4 (December 2008) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/16694

Title: Contagion through learning
Authors: Jakub Steiner; Economics, University of Edinburgh
Colin Stewart; Department of Economics, University of Toronto
Keywords: Similarity, learning, contagion, case-based reasoning, global games
C7, D8
Issue Date: 1-Dec-2008
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 3, No 4 (2008)
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] We study learning in a large class of complete information normal form games. Players continually face new strategic situations and must form beliefs by extrapolation from similar past situations. We characterize the long-run outcomes of learning in terms of iterated dominance in a related incomplete information game with subjective priors. The use of extrapolations in learning may generate contagion of actions across games even if players learn only from games with payoffs very close to the current ones. Contagion may lead to unique long-run outcomes where multiplicity would occur if players learned through repeatedly playing the same game. The process of contagion through learning is formally related to contagion in global games, although the outcomes generally differ.
URI: http://hdl.handle.net/1807/16694
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20080431
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 3, Number 4 (December 2008)

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