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A New Stationary Game Equilibrium Induced by Stochastic Group Evolution and Rational Individual Choice

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  • Dai, Darong
  • Shen, Kunrong

Abstract

In the present paper, a new approach to equilibrium selection for very general normal form games has been constructed by introducing stochastic optimal stopping theory into classical evolutionary game theory. That is, the new game equilibrium is induced by both stochastic group evolution and decentralized rational individual choice. Moreover, stability of the game equilibrium is confirmed from both time and space dimensions.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40586.

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Date of creation: 15 Jan 2012
Date of revision: 09 Aug 2012
Handle: RePEc:pra:mprapa:40586

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Keywords: Stochastic replicator dynamics; Rational choice; Normal-form game; Stability;

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  1. K. Ritzberger & J. Weibull, 2010. "Evolutionary Selection in Normal-Form Games," Levine's Working Paper Archive 452, David K. Levine.
  2. Corradi, Valentina & Sarin, Rajiv, 2000. "Continuous Approximations of Stochastic Evolutionary Game Dynamics," Journal of Economic Theory, Elsevier, vol. 94(2), pages 163-191, October.
  3. Ken Binmore & Larry Samuelson & Petyon Young, 2003. "Equilibrium Selection in Bargaining Models," Levine's Bibliography 506439000000000466, UCLA Department of Economics.
  4. Akihiko Matsui & Kiminori Matsuyama, 1991. "An Approach to Equilibrium Selection," Discussion Papers 1065, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Samuelson, Larry & Zhang, Jianbo, 1992. "Evolutionary stability in asymmetric games," Journal of Economic Theory, Elsevier, vol. 57(2), pages 363-391, August.
  6. Aliprantis, C. D. & Camera, G. & Puzzelo, D., 2004. "A Random Matching Theory," Purdue University Economics Working Papers 1168, Purdue University, Department of Economics.
  7. Cabrales, Antonio, 2000. "Stochastic Replicator Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(2), pages 451-81, May.
  8. L. Samuelson & J. Zhang, 2010. "Evolutionary Stability in Asymmetric Games," Levine's Working Paper Archive 453, David K. Levine.
  9. Binmore, Ken & Samuelson, Larry & Young, Peyton, 2003. "Equilibrium selection in bargaining models," Games and Economic Behavior, Elsevier, vol. 45(2), pages 296-328, November.
  10. Frank Riedel, 2009. "Optimal Stopping With Multiple Priors," Econometrica, Econometric Society, vol. 77(3), pages 857-908, 05.
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