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Comparative Dynamics

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Author Info

  • James Bergin

    ()
    (Queen's University)

  • Dan Bernhardt

    (University of Illinois)

Abstract

This paper develops a dynamic evolutionary model in which agents make choices on the basis of relative performance criteria. We distinguish two classes of learned behavior: imitative dynamics and a new class of dynamics, "introspective dynamics." Under imitative dynamics, agents compare payoffs of different agents in the population and tend to imitate more successful behavior in the population. Under introspective dynamics, agents compare their own current with past payoffs and tend to select actions that provide higher payoffs. With introspective dynamics, under weak regularity conditions, the stochastically stable set of states is contained in the set of Nash equilibria, providing a novel rationale for Nash equilibrium behavior. With imitative dynamics, under mild regularity conditions there is a unique stochastically stable state, bit it is not a Nash equilibrium. We consider both forms of dynamics in the contexts of games satisfying strategic substitutes and strategic complements.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_981.pdf
File Function: First version 1999
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 981.

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Length: 26 pages
Date of creation: Feb 1999
Date of revision:
Handle: RePEc:qed:wpaper:981

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Related research

Keywords: Introspectively Stable; Imitatively Stable; Nash Equilibrium; Relative Equilibrium; Strategic Substitutes; Strategic Complements;

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Cited by:
  1. Carlos Alós-Ferrer, 2001. "Cournot versus Walras in Dynamic Oligopolies with Memory," Vienna Economics Papers 0110, University of Vienna, Department of Economics.
  2. Astrid Matthey, 2006. "Imitation with Intention and Memory: an Experiment," SFB 649 Discussion Papers SFB649DP2006-088, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  3. Stegeman, Mark & Rhode, Paul, 2004. "Stochastic Darwinian equilibria in small and large populations," Games and Economic Behavior, Elsevier, vol. 49(1), pages 171-214, October.

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