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Large deviations and equilibrium selection in large populations

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  • Beggs, A.W.

Abstract

This paper uses the theory of large deviations to analyse equilibrium selection in one-dimensional games with large populations where the system evolves according to a jump Markov process. The equilibria selected maximise a quasi-potential function which can be determined by solving a polynomial equation. Estimates of waiting times are also given. It shows that equilibria about which there is more noise are less likely to be selected and clarifies the role of the limiting deterministic dynamic in selection.

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Bibliographic Info

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

Volume (Year): 132 (2007)
Issue (Month): 1 (January)
Pages: 383-410

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Handle: RePEc:eee:jetheo:v:132:y:2007:i:1:p:383-410

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

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  1. Fudenberg, D. & Kreps, D.M., 1992. "Learning Mixed Equilibria," Working papers 92-13, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. F. Biesmans, 1977. "A Survey," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 48(1), pages 5-36, 01.
  3. Beggs, A., 2000. "Stochastic Evolution with Slow Learning," Economics Series Working Papers 9933, University of Oxford, Department of Economics.
  4. BERGIN, James & LIPMAN, Bart, 1994. "Evolution with State-Dependent Mutations," CORE Discussion Papers 1994055, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. K. Binmore & L. Samuelson & K. Vaughn, 2010. "Musical Chairs: Modelling Noisy Evolution," Levine's Working Paper Archive 487, David K. Levine.
  6. Alan Beggs, 2003. "Waiting Times and Equilibrium Selection," Economics Series Working Papers 142, University of Oxford, Department of Economics.
  7. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October.
  8. Binmore, Ken & Samuelson, Larry, 1997. "Muddling Through: Noisy Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 74(2), pages 235-265, June.
  9. Fudenberg, D. & Harris, C., 1992. "Evolutionary dynamics with aggregate shocks," Journal of Economic Theory, Elsevier, vol. 57(2), pages 420-441, August.
  10. 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.
  11. D. Foster & P. Young, 2010. "Stochastic Evolutionary Game Dynamics," Levine's Working Paper Archive 493, David K. Levine.
  12. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
  13. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
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