Abstract
A decision maker is engaged in a repeated interaction with Nature. The objective of the decision maker is to guarantee to himself the average payoff as large as the best-reply payoff to Nature's empirical distribution of play, no matter what Nature does. The decision maker with perfect recall can achieve this objective by a simple better-reply strategy. In this paper we demonstrate that the relationship between perfect recall and bounded recall is not straightforward: The decision maker with bounded recall may fail to achieve this objective, no matter how long his recall and no matter what better-reply strategy he uses.
Original language | English |
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Pages (from-to) | 869-879 |
Number of pages | 11 |
Journal | Mathematics of Operations Research |
Volume | 33 |
Issue number | 4 |
DOIs | |
Publication status | Published - Nov 2008 |
Keywords
- Approachability
- Better-reply dynamics
- Bounded recall
- Fictitious play
- Regret