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Player-Compatible Learning and Player-Compatible Equilibrium

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Document pages: 55 pages

Abstract: Player-Compatible Equilibrium (PCE) imposes cross-player restrictions on themagnitudes of the players "trembles " onto different strategies. Theserestrictions capture the idea that trembles correspond to deliberateexperiments by agents who are unsure of the prevailing distribution of play.PCE selects intuitive equilibria in a number of examples where trembling-handperfect equilibrium (Selten, 1975) and proper equilibrium (Myerson, 1978) haveno bite. We show that rational learning and weighted fictitious play imply ourcompatibility restrictions in a steady-state setting.

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