Logical gaps in the approximate solutions of the social learning game and an exact solution

Abstract

After the social learning models were proposed, finding the solutions of the games becomes a well-defined mathematical question. However, almost all papers on the games and their applications are based on solutions built upon either an add-hoc argument or a twisted Bayesian analysis of the games. Here, we present logical gaps in those solutions and an exact solution of our own. We also introduced a minor extension to the original game such that not only logical difference but also difference in action outcomes among those solutions become visible.

A major revision