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Basins of Attraction, Long Run Equilibria, and the Speed of Step-by- Step Evolution

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Author Info
Ellison, G.

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Abstract

The paper provides a general analysis of the types of models with E-Perturbations which have been used recently to discuss the evolution of social conventions. Two new measures of the size and structure of the basins of attraction of dynamic systems, the radius and coradius, are introduced in order to bound the speed with which evolution occurs. The main theorem uses these measures to provide a characterization useful for determining long run equilibria and rates of convergence.

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Publisher Info
Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number 96-4.

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Length: 44 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:mit:worpap:96-4

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Related research
Keywords: GAMES; GAME THEORY; MATHEMATICS; ECONOMETRICS;

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Find related papers by JEL classification:
C00 - Mathematical and Quantitative Methods - - General - - - General
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

Cited by:
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  1. Alexander F. Tieman & Harold Houba & Gerard van der Laan, 1998. "Cooperation in a Multi-Dimensional Local Interaction Model," Game Theory and Information 9803002, EconWPA. [Downloadable!]
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  2. Bochet, Olivier & Storcken, Ton, 2006. "Maximal Domains for Strategy-Proof or Maskin Monotonic Choice Rules," Research Memoranda 003, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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  3. Matthew O. Jackson & Alison Watts, 2000. "On the Formation of Interaction Networks in Social Coordination Games," Econometric Society World Congress 2000 Contributed Papers 0778, Econometric Society. [Downloadable!]
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  4. Valentina Corradi & Antonella Ianni, . ""Ergodicity and Clustering in Opinion Formation''," CARESS Working Papres 98-10, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences. [Downloadable!]
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  5. Kevin Hasker, 2005. "Note: Using the Emergent Seed to Completely Characterize 'Evolution and Information in a Gift Giving Game'," Levine's Working Paper Archive 784828000000000142, David K. Levine. [Downloadable!]
  6. Kevin Hasker, 2004. "The Emergent Seed : Simplifying the Analysis of Dynamic Evolution," Departmental Working Papers 0406, Bilkent University, Department of Economics. [Downloadable!]
  7. Alan Beggs, 2000. "Stochastic Evolution with Slow Learning," Economics Series Working Papers 033, University of Oxford, Department of Economics. [Downloadable!]
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  8. Gerard van der Laan & A.F. Tieman, 1996. "Evolutionary Game Theory and the Modelling of Economic Behavior," Tinbergen Institute Discussion Papers 96-172/8, Tinbergen Institute. [Downloadable!]
  9. Alos-Ferrer, Carlos & Kirchsteiger, Georg & Walzl, Markus, 2006. "On the Evolution of Market Institutions: The Platform Design Paradox," CEPR Discussion Papers 5538, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Tone Dieckmann, 1997. "The Evolution of conventions with Mobile Players," Economics, Finance and Accounting Department Working Paper Series n720897, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth. [Downloadable!]
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