Karl Schlags paper selected for the 50th anniversary in the Journal of Economic Theory


Karl Schlag's paper "Why Imitate, and If So, How?: A Boundedly Rational Approach to Multi-armed Bandits”, published in 1998 in the Journal of Economic Theory, has been selected for the 50th anniversary of this journal as one of its 50 most influential papers

Faced by a tradition in which social learning is analyzed for exogenously given learning rules, this paper sets up criteria and investigates which kinds of social learning rules have the best such properties. The optimal imitation rule and the resulting dynamics also find interest in the fields of Anthropology or Evolutionary Biology, for instance to understand and model the foraging behavior of fish.





Karl Schlag
Karl Schlag