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Evolutionary Dynamics and Long-Run Selection

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Author Info
Yossi Feinberg (Stanford University)
Abstract

We study the emergence and nature of long-run behavior of continuous state space dynamics that are subjected to random shocks. It is shown that the fine details of the underlying deterministic dynamics may be crucial in determining the evolution of the system. In particular, a risk dominated strategy can emerge in an evolutionary game subject to symmetric decaying perturbations.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Advances in Theoretical Economics.

Volume (Year): 6 (2006)
Issue (Month): 1 ()
Pages: 1239-1239
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Handle: RePEc:bep:theadv:v:6:y:2006:i:1:p:1239-1239

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C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium

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  1. Binmore, Ken & Samuelson, Larry, 1997. "Muddling Through: Noisy Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 74(2), pages 235-265, June. [Downloadable!] (restricted)
  2. Fudenberg, D. & Harris, C., 1992. "Evolutionary dynamics with aggregate shocks," Journal of Economic Theory, Elsevier, vol. 57(2), pages 420-441, August. [Downloadable!] (restricted)
    Other versions:
  3. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
  4. Lawrence E. Blume, 1994. "How Noise Matters," Game Theory and Information 9407002, EconWPA, revised 27 Jul 1994. [Downloadable!]
    Other versions:
  5. Stegeman, Mark & Rhode, Paul, 2004. "Stochastic Darwinian equilibria in small and large populations," Games and Economic Behavior, Elsevier, vol. 49(1), pages 171-214, October. [Downloadable!] (restricted)
  6. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January. [Downloadable!] (restricted)
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  7. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September. [Downloadable!] (restricted)
  8. Michel BenaÔm & J–rgen W. Weibull, 2003. "Deterministic Approximation of Stochastic Evolution in Games," Econometrica, Econometric Society, vol. 71(3), pages 873-903, 05. [Downloadable!] (restricted)
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  9. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211. [Downloadable!] (restricted)
  10. Michihiro, Kandori & Rob, Rafael, 1998. "Bandwagon Effects and Long Run Technology Choice," Games and Economic Behavior, Elsevier, vol. 22(1), pages 30-60, January. [Downloadable!] (restricted)
  11. van Damme, Eric & Weibull, Jorgen W., 2002. "Evolution in Games with Endogenous Mistake Probabilities," Journal of Economic Theory, Elsevier, vol. 106(2), pages 296-315, October. [Downloadable!] (restricted)
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