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On the Co-existence of Conventions

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  • Anwar, A. W.

Abstract

Recent stochastic evolutionary models have shown that the most likely convention when the probability of a mutation is sufficiently small is coordination on the risk-dominant strategy rather than the payoff-dominant one. This paper looks at the consequences of player movement between locations when there are constraints which limit the number of agents who can reside at each location. If the constraints are strong then the risk-dominance result continues to hold. However, we show that when sufficient movement is possible, the most likely outcome involves a mixed state in which agents at different locations coordinate on different strategies. In the asymmetric case, it is the location with the stronger constraint, limiting movement, that coordinates on the payoff-dominant strategy.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 107 (2002)
Issue (Month): 1 (November)
Pages: 145-155

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Handle: RePEc:eee:jetheo:v:107:y:2002:i:1:p:145-155

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Web page: http://www.elsevier.com/locate/inca/622869

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References

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  1. Glen Ellison, 2010. "Learning, Local Interaction, and Coordination," Levine's Working Paper Archive 391, David K. Levine.
  2. M. Kandori & R. Rob, 2010. "Evolution of Equilibria in the Long Run: A General Theory and Applications," Levine's Working Paper Archive 502, David K. Levine.
  3. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
  4. Kandori, M. & Mailath, G.J., 1991. "Learning, Mutation, And Long Run Equilibria In Games," Papers 71, Princeton, Woodrow Wilson School - John M. Olin Program.
  5. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  6. Goyal, Sanjeev & Janssen, Maarten C. W., 1997. "Non-Exclusive Conventions and Social Coordination," Journal of Economic Theory, Elsevier, vol. 77(1), pages 34-57, November.
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Cited by:
  1. Carlos Alós-Ferrer & Simon Weidenholzer, 2010. "Imitation and the Role of Information in Overcoming Coordination Failures," Vienna Economics Papers 1008, University of Vienna, Department of Economics.
  2. Mathias Staudigl & Simon Weidenholzer, 2014. "Constrained Interactions and Social Coordination," Economics Discussion Papers 747, University of Essex, Department of Economics.
  3. Alós-Ferrer, Carlos & Weidenholzer, Simon, 2008. "Contagion and efficiency," Journal of Economic Theory, Elsevier, vol. 143(1), pages 251-274, November.
  4. 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.
  5. Hsiao-Chi Chen & Yunshyong Chow & Li-Chau Wu, 2013. "Imitation, local interaction, and coordination," International Journal of Game Theory, Springer, vol. 42(4), pages 1041-1057, November.
  6. Simon Weidenholzer, 2010. "Coordination Games and Local Interactions: A Survey of the Game Theoretic Literature," Games, MDPI, Open Access Journal, vol. 1(4), pages 551-585, November.

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