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1 results

  • LEARNING IN BAYESIAN GAMES BY BOUNDED RATIONAL PLAYERS I.

  • TAESUNG KIM, NICHOLAS C. YANNELIS
  • Journal:
    Macroeconomic Dynamics / Volume 1 / Issue 3 / September 1997
    Published online by Cambridge University Press:
    02 March 2005, pp. 568-587

  • We study learning in Bayesian games (or games with differential information) with an arbitrary number of bounded rational players, i.e., players who choose approximate best response strategies [approximate Bayesian Nash Equilibrium (BNE) strategies] and who also are allowed to be completely irrational in some states of the world. We show that bounded rational players by repetition can reach a limit full information BNE outcome. We also prove the converse, i.e., given a limit full information BNE outcome, we can construct a sequence of bounded rational plays that converges to the limit full information BNE outcome.