A 'Dual'-Improved Shortcut to the Long Run
AbstractI use the theories of duality and optimal branchings to find a necessary and sufficient characterization of stochastically stable limit sets (SSLS) that helps improve the radius-modified coradius test of Ellison (2000). The improved shortcut I offer may permit the identification of SSLS when Ellison's radius-modified coradius test fails to identify any, or may be able to pinpoint the true SSLS in cases where Ellison's test identifies only a superset. I also demonstrate precisely why the radius-modified coradius test is not universally applicable and illuminate the connection between the modified coradius and the Lagrange multipliers of the optimal branching problem.
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Bibliographic InfoPaper provided by Yale University, Department of Economics in its series Working Papers with number 41.
Date of creation: Mar 2008
Date of revision:
Other versions of this item:
- Kareen Rozen, 2008. "A ‘Dual’-Improved Shortcut to the Long Run," Levine's Working Paper Archive 122247000000002080, David K. Levine.
- Kareen Rozen, 2008. "A ‘Dual’-Improved Shortcut to the Long Run," Cowles Foundation Discussion Papers 1643, Cowles Foundation for Research in Economics, Yale University.
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
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