The Evolution of conventions with Mobile Players
AbstractThis paper analyzes the evolution of conventions in a society with local interaction and mobile players. Three innovative aspects are introduced: Imperfect observability of play outside a player's home location, friction in the strategy adjustment process, and restriced mobility. It is shown that, if mobility is unrestriced, only efficient conventions are stochastichally stable. If there are barriers on mobility, the coexistence of different conventions can be observed. While imperfect observability and friction alone cannot revent society from reaching an overall efficient outcome, restricted mobility can.
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Bibliographic InfoPaper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n720897.
Date of creation: Aug 1997
Date of revision:
information; political aspects;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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