Abstract:Decision-making individuals are often likely to imitate their highest-earning fellows rather than optimizing their own utilities, due to bounded rationality and incomplete information on how their utilities depend on their own and others' decisions. Perpetual fluctuations between decisions have been reported as the dominant asymptotic outcome of imitative behaviors, yet little attempt has been made to characterize them, particularly in heterogeneous populations. We study a finite wellmixed heterogeneous popula… Show more
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