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Random matching in adaptive dynamics

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Author Info
Ellison, Glenn
Fudenberg, Drew
Imhof, Lorens A.

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Abstract

This paper studies the effect of randomness in per-period matching on the long-run outcome of non-equilibrium adaptive processes. If there are many matchings between each strategy revision, the randomness due to matching will be small; our question is when a very small noise due to matching has a negligible effect. We study two different senses of this idea, and provide sufficient conditions for each. The less demanding sense corresponds to sending the matching noise to zero while holding fixed all other aspects of the adaptive process. The second sense in which matching noise can be negligible is that it does not alter the limit distribution obtained as the limit of the invariant distributions as an exogenous "mutation rate" goes to zero.

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Publisher Info
Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 66 (2009)
Issue (Month): 1 (May)
Pages: 98-114
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Handle: RePEc:eee:gamebe:v:66:y:2009:i:1:p:98-114

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Web page: http://www.elsevier.com/locate/inca/622836

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Related research
Keywords: Equilibrium selection Imitation process Repeated matching Stochastic matching process Invariant distribution Limit distribution Markov chain;

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References listed on IDEAS
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  1. Bergin, James & Lipman, Barton L, 1996. "Evolution with State-Dependent Mutations," Econometrica, Econometric Society, vol. 64(4), pages 943-56, July. [Downloadable!] (restricted)
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  2. Binmore, Ken & Larry Samuelson, 1994. "Muddling Through: Noisy Equilibrium Selection," Discussion Paper Serie B 275, University of Bonn, Germany.
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  3. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January. [Downloadable!] (restricted)
  4. Ellison, Glenn, 1997. "Learning from Personal Experience: One Rational Guy and the Justification of Myopia," Games and Economic Behavior, Elsevier, vol. 19(2), pages 180-210, May. [Downloadable!] (restricted)
  5. Robson, Arthur J. & Vega-Redondo, Fernando, 1996. "Efficient Equilibrium Selection in Evolutionary Games with Random Matching," Journal of Economic Theory, Elsevier, vol. 70(1), pages 65-92, July. [Downloadable!] (restricted)
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  6. Fudenberg, Drew & Imhof, Lorens A., 2006. "Imitation processes with small mutations," Journal of Economic Theory, Elsevier, vol. 131(1), pages 251-262, November. [Downloadable!] (restricted)
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