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A 'Dual'-Improved Shortcut to the Long Run

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  • Rozen, Kareen

    (Yale U)

Abstract

I 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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File URL: http://economics.yale.edu/sites/default/files/files/Working-Papers/wp000/ddp0041.pdf
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Bibliographic Info

Paper provided by Yale University, Department of Economics in its series Working Papers with number 41.

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Date of creation: Mar 2008
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Handle: RePEc:ecl:yaleco:41

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Web page: http://www.econ.yale.edu/ddp/
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  1. M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
  2. Ellison, Glenn, 2000. "Basins of Attraction, Long-Run Stochastic Stability, and the Speed of Step-by-Step Evolution," Review of Economic Studies, Wiley Blackwell, vol. 67(1), pages 17-45, January.
  3. Troger, Thomas, 2002. "Why Sunk Costs Matter for Bargaining Outcomes: An Evolutionary Approach," Journal of Economic Theory, Elsevier, vol. 102(2), pages 375-402, February.
  4. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  5. Kevin Hasker, 2004. "The Emergent Seed : Simplifying the Analysis of Dynamic Evolution," Departmental Working Papers 0406, Bilkent University, Department of Economics.
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Cited by:
  1. Kevin Hasker, 2014. "The Emergent Seed: A Representation Theorem for Models of Stochastic Evolution and two formulas for Waiting Time," Levine's Working Paper Archive 786969000000000954, David K. Levine.

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