| |
| Dublin Core |
PKP Metadata Items |
Metadata for this document |
| |
| 1. |
Title |
Title of document |
Which misspecifications persist? |
| |
| 2. |
Creator |
Author's name, affiliation |
Drew Fudenberg; Department of Economics, Massachusetts Institute of Technology |
| |
| 2. |
Creator |
Author's name, affiliation |
Giacomo Lanzani; Harvard University |
| |
| |
| 3. |
Subject |
Subject(s) |
Misspecified learning, Berk-Nash equilibrium, evolution, payoff monotone dynamics |
| |
| 3. |
Subject |
Subject classification |
C73, D83 |
| |
| 4. |
Description |
Abstract |
We use an evolutionary model to determine which misperceptions can persist. Every period, a new generation of agents use their subjective models and the data generated by the previous generation to update their beliefs, and models that induce better actions become more prevalent. An equilibrium can resist mutations that lead agents to use a model that better fits the equilibrium data but induce the mutated agents to take an action with lower payoffs. We characterize which steady states resist mutations to a nearby model, and which resist mutations that drop a qualitative restriction such as independence. |
| |
| 5. |
Publisher |
Organizing agency, location |
Econometric Society |
| |
| 6. |
Contributor |
Sponsor(s) |
|
| |
| 7. |
Date |
(YYYY-MM-DD) |
2023-07-20 |
| |
| 8. |
Type |
Status & genre |
Peer-reviewed Article |
| |
| 8. |
Type |
Type |
|
| |
| 9. |
Format |
File format |
pdf
|
| |
| 10. |
Identifier |
Universal Resource Indicator |
https://econtheory.org/ojs/index.php/te/article/view/20231271 |
| |
| 11. |
Source |
Journal/conference title; vol., no. (year) |
Theoretical Economics; Volume 18, Number 3 (July 2023) |
| |
| 12. |
Language |
English=en |
en |
| |
| 15. |
Rights |
Copyright and permissions |
Authors who publish in Theoretical Economics will release their articles under the Creative Commons Attribution-NonCommercial license. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given. |