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Strategic Learning and its Limits$
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H. Peyton Young

Print publication date: 2004

Print ISBN-13: 9780199269181

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199269181.001.0001

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Reinforcement and Regret

Reinforcement and Regret

(p.10) 2 Reinforcement and Regret
Strategic Learning and its Limits

H. Peyton Young

Oxford University Press

Reinforcement is an empirical principle which states that the higher the payoff from taking an action in the past, the more likely it will be taken in the future. This approach has long occupied a prominent place in psychology; more recently it has begun to migrate into experimental economics and game theory. This chapter sketches some of the better-known models and what is known about their asymptotic behaviour in particular situations.

Keywords:   reinforcement learning, regret, asymptotic behaviour, payoff

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