Adaptive heuristics

Sergiu Hart

Research output: Contribution to journalReview articlepeer-review

162 Scopus citations

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.

Original languageEnglish
Pages (from-to)1401-1430
Number of pages30
JournalEconometrica
Volume73
Issue number5
DOIs
StatePublished - Sep 2005

Keywords

  • Adaptive
  • Approachability
  • Behavioral
  • Bounded rationality
  • Calibration
  • Correlated equilibrium
  • Dynamics
  • Fictitious play
  • Heuristics
  • Joint distribution of play
  • Regret
  • Regretmatching
  • Uncoupled dynamics

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