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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)

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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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Publisher 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;

Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C0 - Mathematical and Quantitative Methods - - General
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D5 - Microeconomics - - General Equilibrium and Disequilibrium
D7 - Microeconomics - - Analysis of Collective Decision-Making
M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics

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This page was last updated on 2009-12-9.

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