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Finite Population Dynamics and Mixed Equilibria

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Abstract

This paper examines the stability of mixed-strategy Nash equilibria of sym- metric games, viewed as population profiles in dynamical systems with learning within a single, finite population. Alternative models of imitation and myopic best reply are considered and combined with different assumptions about the speed of adjustment. It is found that specific refinements of mixed Nash equi- libria serve to identify focal rest points of these dynamics in general games. The relationship between both concepts is studied. In the 2 x 2 case, both im- itation and myopic best reply yield strong stability results for the same type of mixed Nash equilibria.

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File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0008.pdf
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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0008.

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Date of creation: Oct 2000
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Handle: RePEc:vie:viennp:0008

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Web page: http://www.univie.ac.at/vwl

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  1. Fernando Vega Redondo, 1996. "The evolution of walrasian behavior," Working Papers. Serie AD 1996-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  2. Oechssler, Jorg, 1997. "An Evolutionary Interpretation of Mixed-Strategy Equilibria," Games and Economic Behavior, Elsevier, vol. 21(1-2), pages 203-237, October.
  3. Kandori Michihiro & Rob Rafael, 1995. "Evolution of Equilibria in the Long Run: A General Theory and Applications," Journal of Economic Theory, Elsevier, vol. 65(2), pages 383-414, April.
  4. Boylan, Richard T., 1992. "Laws of large numbers for dynamical systems with randomly matched individuals," Journal of Economic Theory, Elsevier, vol. 57(2), pages 473-504, August.
  5. Alos-Ferrer, C., 1998. "Individual Randomness in Economic Models with a Continuum Agents," Papers 9807, Washington St. Louis - School of Business and Political Economy.
  6. Alos-Ferrer, Carlos & Ania, Ana B. & Schenk-Hoppe, Klaus Reiner, 2000. "An Evolutionary Model of Bertrand Oligopoly," Games and Economic Behavior, Elsevier, vol. 33(1), pages 1-19, October.
  7. Alos-Ferrer, Carlos, 1999. "Dynamical Systems with a Continuum of Randomly Matched Agents," Journal of Economic Theory, Elsevier, vol. 86(2), pages 245-267, June.
  8. Robson, Arthur J. & Vega-Redondo, Fernando, 1996. "Efficient Equilibrium Selection in Evolutionary Games with Random Matching," Journal of Economic Theory, Elsevier, vol. 70(1), pages 65-92, July.
  9. Carlos Alós-Ferrer, 2000. "Learning, Memory, and Inertia," Vienna Economics Papers 0003, University of Vienna, Department of Economics.
  10. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215, December.
  11. repec:fth:iniesr:534 is not listed on IDEAS
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Cited by:
  1. Carlos Alós-Ferrer & Georg Kirchsteiger & Markus Walzl, 2010. "On the Evolution of Market Institutions: The Platform Design Paradox," Economic Journal, Royal Economic Society, vol. 120(543), pages 215-243, 03.
  2. Carlos Alós-Ferrer & Georg Kirchsteiger, 2010. "General equilibrium and the emergence of (non)market clearing trading institutions," Economic Theory, Springer, vol. 44(3), pages 339-360, September.
  3. Carlos Alós–Ferrer & Nick Netzer, 2012. "Robust stochastic stability," ECON - Working Papers 063, Department of Economics - University of Zurich, revised Jan 2014.

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