Econometrica Vol. 73 No. 5 2005
Adaptive Heuristics
Abstract
We exhibit a large class of simple rules of behavior, which we call adaptive heuristics, and show that they generate rational behavior in the long run. These adaptive heuristics are based on natural regret measures, and may be viewed as a bridge between rational and behavioral viewpoints. Taken together, the results presented here establish a solid connection between the dynamic approach of adaptive heuristics and the static approach of correlated equilibria.
- DOI
- 10.1111/j.1468-0262.2005.00625.x
- Volume
- 73
- Issue
- 5
- Pages
- 1401-1430
- Language
- en
- Sources
- bibtex:phds-export.bib crossref openalex