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Imitation and Long Run Outcomes

Author

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  • Dutta Jayasri

    (University of Birmingham)

  • Prasad Kislaya

    (Florida State University)

Abstract

In a number of evolutionary models the presence of mutations, or random components of choice, serve to refine predictions of long-run behavior. We analyze the effects of mutation rates that vary because of the presence of imitation. A full characterization of long-run outcomes is provided for familiar coordination and congestion games, and also a number of other games not previously considered within the evolutionary framework. Our results are often quite distinct from those in the literature. We apply these tools to a series of economic applications, including market games, where imitation can explain excess volatility of prices, and location games, where it leads to greater uniformity in choices.

Suggested Citation

  • Dutta Jayasri & Prasad Kislaya, 2004. "Imitation and Long Run Outcomes," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 4(1), pages 1-36, October.
    • Handle: RePEc:bpj:bejtec:v:topics.4:y:2004:i:1:n:7
    DOI: 10.2202/1534-598X.1163
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    Cited by:

    1. Levine, David K. & Pesendorfer, Wolfgang, 2007. "The evolution of cooperation through imitation," Games and Economic Behavior, Elsevier, vol. 58(2), pages 293-315, February.
    2. Alós-Ferrer, Carlos & Weidenholzer, Simon, 2014. "Imitation and the role of information in overcoming coordination failures," Games and Economic Behavior, Elsevier, vol. 87(C), pages 397-411.
    3. Berg, Nathan, 2008. "Imitation in location choice," MPRA Paper 26592, University Library of Munich, Germany.

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