Adverse Selection, Heterogeneous Beliefs, and Evolutionary Learning

被引：1

作者：

Buchen, Clemens ^{[1
]}

Palermo, Alberto ^{[2
]}

机构：

[1] WHU Otto Beisheim Sch Management, Burgpl 2, D-56179 Vallendar, Germany

[2] Trier Univ, Inst Labour Law & Ind Relat European Union IAAEU, Behringstr 21, D-54296 Trier, Germany

来源：

DYNAMIC GAMES AND APPLICATIONS | 2022年 / 12卷 / 02期

关键词：

Evolutionary game theory; Imitation equilibrium; Heterogeneous beliefs; Adverse selection; Cobweb model; INSURANCE MARKETS; EQUILIBRIUM; IMITATION;

D O I：

10.1007/s13235-021-00396-x

中图分类号：

O1 [数学];

学科分类号：

0701 ; 070101 ;

摘要：

We relax the common assumption of homogeneous beliefs in principal-agent relationships with adverse selection. Principals are competitors in the product market and write contracts also on the base of an expected aggregate. The model is a version of a cobweb model. In an evolutionary learning set-up, which is imitative, principals can have different beliefs about the distribution of agents' types in the population. The resulting nonlinear dynamic system is studied. Convergence to a uniform belief depends on the relative size of the bias in beliefs.

引用

页码：343 / 362

页数：20

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