Efficient Learning Equilibrium

We introduce efficient learning equilibrium (ELE), a normative approach tolearning in non cooperative settings. In ELE, the learning algorithms themselves are required to be in equilibrium. In addition, the learning algorithms arrive at a desired value after polynomial time, and deviations from a prescribed ELE become irrational afterpolynomial time. We prove the existence of an ELE in the perfect monitoring setting, where the desired value is the expected payoff in a Nash equilibrium. We also show that an ELE does not always exist in the imperfect monitoring case.