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Equilibrium selection in coordination games: Why do dominated strategies matter?

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Author Info
Suren Basov () (Melbourne University)

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Abstract

In this paper I illustrate by an example that strictly dominated strategies may affect the process of the equilibrium selection in coordination games. The strategy profile that gets selected may be both Pareto and risk dominated. This distinguishes it from the examples provided in Ellison (2000) and Maruta (1997).

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File URL: http://www.economicsbulletin.com/2004/volume3/EB-04C70021A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 3 (2004)
Issue (Month): 41 ()
Pages: 1-3
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Handle: RePEc:ebl:ecbull:v:3:y:2004:i:41:p:1-3

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Related research
Keywords: basin of attraction; coordination games; dominated strategies; equilibrium selection.;

Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

References listed on IDEAS
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  1. Toshimasa Maruta, 1995. "On the Relationship Between Risk-Dominance and Stochastic Stability," Discussion Papers 1122, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  2. 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)
    Other versions:
  3. Ellison, Glenn, 2000. "Basins of Attraction, Long-Run Stochastic Stability, and the Speed of Step-by-Step Evolution," Review of Economic Studies, Blackwell Publishing, vol. 67(1), pages 17-45, January.
  4. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
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