Splitting the baby in two: solving Solomon's dilemma with boundedly rational agents |
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| Authors: | Giovanni Ponti |
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| Institution: | (1) Departamento de Fundamentos del Análisis Económico, Universidad de Alicante, 03071 Alicante, Spain (e-mail: giuba@merlin.fae.ua.es) , ES;(2) and ELSE, Centre for Economic Learning and Social Evolution, University College London, London, UK , GB |
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| Abstract: | We study the dynamic implementation of the first-best forKing Solomon's Dilemma, on the assumption that boundedly rational players find their way to equilibrium using monotonic evolutionary dynamics. We
find that all the mechanisms proposed by the literature fail to implement the first best dynamically and provide an alternative
solution. |
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| Keywords: | JEL-classification: C72 D78 D83 |
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