What constitutes a convention? Implications for the coexistence of conventions
AbstractA model of repeated play of a coordination game, where stage games have a location in social space, and players receive noisy signals of the true location of their games, is reviewed. Sugden (1995) suggests that in such a model, there can be a stationary state of convention coexistence only if interaction is non-uniform across social space. This paper shows that an alternative definition of conventions, which links conventions to actions rather than expectations, permits convention coexistence when interaction is uniform. To assess robustness, the concept of a global mutant is introduced, to which certain states of coexistence are robust.
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Bibliographic InfoPaper provided by CMI (Chr. Michelsen Institute), Bergen, Norway in its series CMI Working Papers with number WP 2004: 3.
Length: 25 pages
Date of creation: 2004
Date of revision:
Conventions Coordination game Equilibrium selection JEL classification: C73;
Other versions of this item:
- Ivar Kolstad, 2006. "What constitutes a convention? Implications for the coexistence of conventions," Journal of Evolutionary Economics, Springer, vol. 16(3), pages 321-336, August.
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
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