Adverse Selection, Heterogeneous Beliefs, and Evolutionary Learning

被引：0
|
作者：
Clemens Buchen
Alberto Palermo
机构：
[1] WHU-Otto Beisheim School of Management,Institute for Labour Law and Industrial Relations in the European Union (IAAEU)
[2] Trier University,undefined
来源：
Dynamic Games and Applications | 2022年 / 12卷
关键词：
Evolutionary game theory; Imitation equilibrium; Heterogeneous beliefs; Adverse selection; Cobweb model; C61; C73; D82; D83; E32;
D O I：
暂无
中图分类号：
学科分类号：
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.
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页码：343 / 362
页数：19
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