Adjustment Dynamics and Rational Play in Games
AbstractWhen a strategic situation arises repeatedly, the possibility arises that equilibrium predictions can be justified by a dynamic adjustment process. We examine myopic adjustment dynamics, a class that includes replicator dynamics from evolutionary game theory, simple models of imitation, models of experimentation and adjustment, and some simple learning dynamics. We present a series of theorems showing conditions under which behavior that is asymptotically stable under some such dynamic is strategically stable (Kohlberg and Mertens ). This behavior is thus as if the agents in the economy satisfied the extremely stringent assumptions that game theory traditionally makes about rationality and beliefs.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 5 (1993)
Issue (Month): 3 (July)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622836
Other versions of this item:
- Jeroen M. Swinkels, 1991. "Adjustment Dynamics and Rational Play in Games," Discussion Papers 1001, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- J. Swinkels, 2010. "Adjustment Dynamics and Rational Play in Games," Levine's Working Paper Archive 456, David K. Levine.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Swinkels, Jeroen M., 1992.
"Evolutionary stability with equilibrium entrants,"
Journal of Economic Theory,
Elsevier, vol. 57(2), pages 306-332, August.
- Hillas, John, 1990. "On the Definition of the Strategic Stability of Equilibria," Econometrica, Econometric Society, vol. 58(6), pages 1365-90, November.
- Kohlberg, Elon & Mertens, Jean-Francois, 1986.
"On the Strategic Stability of Equilibria,"
Econometric Society, vol. 54(5), pages 1003-37, September.
- E. Kohlberg & J.-F. Mertens, 1998. "On the Strategic Stability of Equilibria," Levine's Working Paper Archive 445, David K. Levine.
- KOHLBERG, Elon & MERTENS, Jean-François, . "On the strategic stability of equilibria," CORE Discussion Papers RP -716, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- David M Kreps & Robert Wilson, 2003.
Levine's Working Paper Archive
618897000000000813, David K. Levine.
- Friedman, Daniel, 1991. "Evolutionary Games in Economics," Econometrica, Econometric Society, vol. 59(3), pages 637-66, May.
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