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Contagion And The Speed Of Adjustment In Small Worlds

Author

Listed:
  • EDWARD J. CARTWRIGHT

    (Department of Economics, Keynes College, University of Kent, Canterbury, Kent. CT2 7NP, United Kingdom)

Abstract

We model a simple dynamic process in which myopic agents are matched amongst each other to play a coordination game. The network of player interaction is varied between a regular lattice and a random network allowing us to model contagion in small world networks. Weighting times for an equilibrium shift from the risk dominated to risk dominant equilibrium are shown to be smallest in small world networks.

Suggested Citation

  • Edward J. Cartwright, 2007. "Contagion And The Speed Of Adjustment In Small Worlds," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 689-704.
    • Handle: RePEc:wsi:igtrxx:v:09:y:2007:i:04:n:s0219198907001667
    DOI: 10.1142/S0219198907001667
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    References listed on IDEAS

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    1. Fudenberg, Drew & Levine, David, 1998. "Learning in games," European Economic Review, Elsevier, vol. 42(3-5), pages 631-639, May.
    2. Drew Fudenberg & David K. Levine, 1998. "The Theory of Learning in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061945, December.
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    More about this item

    Keywords

    Best reply; contagion; small worlds; JEL Classification: C62; JEL Classification: C72; JEL Classification: C73;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • 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; Personnel Economics - - Business Economics

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