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The University of Southampton
EconomicsPart of Economic, Social and Political Science

1405 A Generalized Approach To Belief Learning In Repeated Games (C.A. Ioannou & J. Romero)

Authors: Christos A. Ioannou (University of Southampton) & Julian Romero (Purdue University)

Paper number: 1405

We propose a methodology that is generalizable to a broad class of repeated games in order to facilitate operability of belief learning models with repeated-game strategies. The methodology consists of (1) a generalized repeated-game strategy space, (2) a mapping between histories and repeated-game beliefs, and (3) asynchronous updating of repeated-game strategies. We implement the proposed methodology by building on three proven action learning models. Their predictions with repeated-game strategies are then validated with data from experiments with human subjects in four, symmetric 2×2 games: Prisoner’s Dilemma, Battle of the Sexes, Stag-Hunt, and Chicken. The models with repeated-game strategies approximate subjects’ behavior substantially better than their respective models with action learning. Additionally, inferred rules of behavior in the experimental data overlap with the rules of behavior predicted.

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