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03.04. BGSE Workshop: Sven Rady

BGSE Workshop with Sven Rady (University of Bonn)

Event details
What
  • BGSE Workshop
When Apr 03, 2019
from 12:00 to 13:00
Where Room 0.017
Contact Name Stephan Lauermann
Contact Email
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Topic 

 Overcoming the Free-Rider Problem in Bandit Games:
Asymptotic Efficiency and Strongly Symmetric Equilibria

 

Abstract

 

 We analyze the continuous-time limit of a discrete-time experimentation game with Lévy bandits. We show that free-riding can be mitigated or even completely overcome in non-Markovian equilibria. If players' payoffs have an informative diffusion component, there always exists an asymptotically efficient perfect Bayesian equilibrium (PBE). Otherwise, there exists an asymptotically efficient PBE if and only if lump-sum payoffs are not too informative about the state of the world. For all cases, we construct an asymptotically average-payoff maximizing PBE that is strongly symmetric.

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