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Selection Dynamics, Asymptotic Stability, and Adaptive Behavior

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  • Van Huyck, John B
  • Cook, Joseph P
  • Battalio, Raymond C

Abstract

Selection dynamics are often used to distinguish stable and unstable equilibria. This is particularly useful when multiple equilibria prevent a priori comparative static analysis. This paper reports an experiment designed to compare the accuracy of the myopic best-response dynamic and an inertial selection dynamic. The inertial selection dynamic makes more accurate predictions about the observed mutual best-response outcomes. Copyright 1994 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 102 (1994)
Issue (Month): 5 (October)
Pages: 975-1005

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Handle: RePEc:ucp:jpolec:v:102:y:1994:i:5:p:975-1005

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Web page: http://www.journals.uchicago.edu/JPE/

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Cited by:
  1. Duffy, John, 2006. "Agent-Based Models and Human Subject Experiments," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 19, pages 949-1011 Elsevier.
  2. Stahl, Dale O., 2000. "Rule Learning in Symmetric Normal-Form Games: Theory and Evidence," Games and Economic Behavior, Elsevier, vol. 32(1), pages 105-138, July.
  3. Drouvelis, Michalis & Müller, Wieland & Possajennikov, Alex, 2012. "Signaling without a common prior: Results on experimental equilibrium selection," Games and Economic Behavior, Elsevier, vol. 74(1), pages 102-119.
  4. Bischi, Gian Italo & Kopel, Michael, 2001. "Equilibrium selection in a nonlinear duopoly game with adaptive expectations," Journal of Economic Behavior & Organization, Elsevier, vol. 46(1), pages 73-100, September.
  5. Apesteguia, Jose, 2006. "Does information matter in the commons?: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 60(1), pages 55-69, May.
  6. Haruvy, Ernan & Stahl, Dale O., 2007. "Equilibrium selection and bounded rationality in symmetric normal-form games," Journal of Economic Behavior & Organization, Elsevier, vol. 62(1), pages 98-119, January.
  7. Seely, Beth & Van Huyck, John & Battalio, Raymond, 2005. "Credible assignments can improve efficiency in laboratory public goods games," Journal of Public Economics, Elsevier, vol. 89(8), pages 1437-1455, August.
  8. Cherry, Todd L. & Crocker, Thomas D. & Shogren, Jason F., 2003. "Rationality spillovers," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 63-84, January.
  9. Page, Scott E. & Tassier, Troy, 2010. "A characterization of equilibria in the Groves-Ledyard mechanism," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 1229-1242, November.
  10. Rassenti, Stephen & Reynolds, Stanley S. & Smith, Vernon L. & Szidarovszky, Ferenc, 2000. "Adaptation and convergence of behavior in repeated experimental Cournot games," Journal of Economic Behavior & Organization, Elsevier, vol. 41(2), pages 117-146, February.
  11. Jim Engle-Warnick & Ed Hopkins, 2006. "A Simple Test of Learning Theory?," ESE Discussion Papers 153, Edinburgh School of Economics, University of Edinburgh.
  12. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
  13. Van Huyck, John B. & Cook, Joseph P. & Battalio, Raymond C., 1997. "Adaptive behavior and coordination failure," Journal of Economic Behavior & Organization, Elsevier, vol. 32(4), pages 483-503, April.
  14. Stahl, Dale O., 2001. "Population rule learning in symmetric normal-form games: theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 45(1), pages 19-35, May.
  15. John Duffy, 2008. "Macroeconomics: A Survey of Laboratory Research," Working Papers 334, University of Pittsburgh, Department of Economics, revised Jun 2014.
  16. Haruvy, Ernan & Stahl, Dale O., 2004. "Deductive versus inductive equilibrium selection: experimental results," Journal of Economic Behavior & Organization, Elsevier, vol. 53(3), pages 319-331, March.
  17. Manahov, Viktor & Hudson, Robert & Gebka, Bartosz, 2014. "Does high frequency trading affect technical analysis and market efficiency? And if so, how?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 28(C), pages 131-157.
  18. Richards, Diana & Hays, Jude C., 1998. "Navigating a nonlinear environment: An experimental study of decision making in a chaotic setting," Journal of Economic Behavior & Organization, Elsevier, vol. 35(3), pages 281-308, April.

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