New PDF release: Axioms of cooperative decision making

By Hervi Moulin

ISBN-10: 0521360552

ISBN-13: 9780521360555

Difficulties of reasonable department, equitable cost-sharing, department of a joint profit, or the alternative of a very democratic vote casting rule are commonplace topics of dispute in technologically complicated democracies. This e-book presents a finished and unified presentation of those technically heterogeneous topics which are associated by way of universal axioms.

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Extra resources for Axioms of cooperative decision making

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Experimental Design We studied three different network structures (the complete network, the star and the circle) and three different information treatments (q ¼ 1, 2/3, 1/3). The network structure and the information treatment were held constant throughout a given experimental session. In each session, the network positions were labeled A, B, or C. A third of the subjects were designated type-A participants, one third type-B participants and one third type-C participants. The participant’s type, A, B, or C, remained constant throughout the session.

Theoretical Results: Uniformity, Stability and Herd Behavior, Turn by Turn, under the Different Information Structures and Networks (Average Level of Uniformity and Stability and the Percent of Rounds in which Subjects Followed a Herd from that Turn on). 4 Behavioral Aspects of Learning in Social Networks: An Experimental Study 41 agent’s action is a coarse signal of his private information, and second, after some point, agents suppress their private information and join the herd, so that only a small fraction of the private information in the game may ever be revealed.

Furthermore, except with very small probability in the complete network under high information, herds always adopt the optimal action. As a benchmark for our empirical analysis of stability and uniformity, we first calculated the values of these measures predicted by the theory. The theoretical predictions are derived with the help of simulations, which are summarized in Table 1 and show, turn by turn, the average level of stability and uniformity and the percentage of herd behavior. The numbers in parentheses are the fractions of herds that choose the wrong action, defined relative to the information available.

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Axioms of cooperative decision making by Hervi Moulin

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