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Evolution With Endogenous Mutations

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Author Info

  • IVAR KOLSTAD

    ()
    (Chr. Michelsen Institute, P.O. Box 6033 Postterminalen, N-5892 Bergen, Norway)

Abstract

Bergin and Lipman (1996) prove that equilibrium selection in the evolutionary dynamics of Kandori et al. (1993) and Young (1993), is not robust to variations in mutation rates across states. Specifically, a risk dominant equilibrium can be selected against if mutation rates are higher in its basin of attraction than elsewhere. Van Damme and Weibull (1998) model mutations as a compromise between payoff losses and control costs, which implies lower mutation rates in the risk dominant equilibrium. This paper argues that this result is not driven by control costs, but by players focusing on payoff losses when choosing mutation rates.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 07 (2005)
Issue (Month): 02 ()
Pages: 229-240

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Handle: RePEc:wsi:igtrxx:v:07:y:2005:i:02:p:229-240

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Related research

Keywords: Evolution; mutation; equilibrium selection; JEL classification numbers: C73;

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Cited by:
  1. Kolstad, Ivar, 2007. "The evolution of social norms: With managerial implications," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(1), pages 58-72, February.

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