Costly optimizers versus cheap imitators |
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Authors: | John Conlisk |
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Affiliation: | University of California, San Diego, CA 92093, USA |
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Abstract: | A dynamic model is constructed with two types of agents, optimizers and imitators. The mix between the two types evolves according to the relative average performances of the two groups. The main conclusion is that imitators may have as high a long-run ‘fitness’ as optimizers. The model is used to sort issues concerning the conventional hypothesis that everyone acts as if unboundedly rational. |
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