Fast convergence in evolutionary equilibrium selection
AbstractStochastic best response models provide sharp predictions about equilibrium selection when the noise level is arbitrarily small. The difficulty is that, when the noise is extremely small, it can take an extremely long time for a large population to reach the stochastically stable equilibrium. An important exception arises when players interact locally in small close-knit groups; in this case convergence can be rapid for small noise and an arbitrarily large population. We show that a similar result holds when the population is fully mixed and there is no local interaction. Moreover, the expected waiting times are comparable to those in local interaction models.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 80 (2013)
Issue (Month): C ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622836
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary 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.:
- Blume Lawrence E., 1995.
"The Statistical Mechanics of Best-Response Strategy Revision,"
Games and Economic Behavior,
Elsevier, vol. 11(2), pages 111-145, November.
- Lawrence Blume, 1993. "The Statistical Mechanics of Best-Response Strategy Revision," Game Theory and Information 9307001, EconWPA, revised 26 Jan 1994.
- Kandori, M. & Mailath, G.J., 1991.
"Learning, Mutation, And Long Run Equilibria In Games,"
71, Princeton, Woodrow Wilson School - John M. Olin Program.
- 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.
- M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
- Blume Lawrence E., 1993.
"The Statistical Mechanics of Strategic Interaction,"
Games and Economic Behavior,
Elsevier, vol. 5(3), pages 387-424, July.
- L. Blume, 2010. "The Statistical Mechanics of Strategic Interaction," Levine's Working Paper Archive 488, David K. Levine.
- Glen Ellison, 2010.
"Learning, Local Interaction, and Coordination,"
Levine's Working Paper Archive
391, David K. Levine.
- Lelarge, Marc, 2012. "Diffusion and cascading behavior in random networks," Games and Economic Behavior, Elsevier, vol. 75(2), pages 752-775.
- Jackson, Matthew O. & Yariv, Leeat, 2006.
"Diffusion of Behavior and Equilibrium Properties in Network Games,"
1264, California Institute of Technology, Division of the Humanities and Social Sciences.
- Matthew O. Jackson & Leeat Yariv, 2007. "Diffusion of Behavior and Equilibrium Properties in Network Games," American Economic Review, American Economic Association, vol. 97(2), pages 92-98, May.
- Blume, Lawrence E., 2003.
"How noise matters,"
Games and Economic Behavior,
Elsevier, vol. 44(2), pages 251-271, August.
- McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, vol. 10(1), pages 6-38, July.
- Duncan J. Watts & Peter Sheridan Dodds, 2007. "Influentials, Networks, and Public Opinion Formation," Journal of Consumer Research, University of Chicago Press, vol. 34(4), pages 441-458, 05.
- Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
- William Brock & Steven N. Durlauf, 2000.
NBER Technical Working Papers
0258, National Bureau of Economic Research, Inc.
- Blume,L. & Durlauf,S., 2002. "Equilibrium concepts for social interaction models," Working papers 7, Wisconsin Madison - Social Systems.
- Daniel L. McFadden, 1976. "Quantal Choice Analaysis: A Survey," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 363-390 National Bureau of Economic Research, Inc.
- Benaim, Michel & Weibull, Jörgen W., 2000.
"Deterministic Approximation of Stochastic Evolution in Games,"
Working Paper Series
534, Research Institute of Industrial Economics, revised 30 Oct 2001.
- Michel BenaÔm & J–rgen W. Weibull, 2003. "Deterministic Approximation of Stochastic Evolution in Games," Econometrica, Econometric Society, vol. 71(3), pages 873-903, 05.
- William H. Sandholm, 2001. "Almost global convergence to p-dominant equilibrium," International Journal of Game Theory, Springer, vol. 30(1), pages 107-116.
- Hommes, Cars H. & Ochea, Marius I., 2012. "Multiple equilibria and limit cycles in evolutionary games with Logit Dynamics," Games and Economic Behavior, Elsevier, vol. 74(1), pages 434-441.
- Dunia López-Pintado, 2006. "Contagion and coordination in random networks," International Journal of Game Theory, Springer, vol. 34(3), pages 371-381, October.
- Sandholm, William H. & Tercieux, Olivier & Oyama, Daisuke, 0. "Sampling best response dynamics and deterministic equilibrium selection," Theoretical Economics, Econometric Society.
- Kevin Hasker, 2014. "The Emergent Seed: A Representation Theorem for Models of Stochastic Evolution and two formulas for Waiting Time," Levine's Working Paper Archive 786969000000000954, David K. Levine.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.