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Long-run equilibria, dominated strategies, and local interactions

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Abstract

The present note revisits a result by Kim and Wong (2010) showing that any strict Nash equilibrium of a coordination game can be supported as a long run equilibrium by properly adding dominated strategies. We show that in the circular city model of local interactions the selection of 1/2 -dominant strategies remains when adding strictly dominated strategies if interaction is decentral". Conversely, if the local interaction structure is central" by adding properly suited dominated strategies any equilibrium strategy of the original game can be supported as long run equilibrium. Classification- JEL: C72, D83

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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 1005.

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Date of creation: May 2010
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Handle: RePEc:vie:viennp:1005

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

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  1. M. Kandori & G. Mailath & R. Rob, 1999. "Learning, Mutation and Long Run Equilibria in Games," Levine's Working Paper Archive 500, David K. Levine.
  2. Ellison, Glenn, 2000. "Basins of Attraction, Long-Run Stochastic Stability, and the Speed of Step-by-Step Evolution," Review of Economic Studies, Wiley Blackwell, vol. 67(1), pages 17-45, January.
  3. Adam Szeidl & In Ho Lee & Akos Valentinyi, 2001. "Contagion and State Dependent Mutations," IEHAS Discussion Papers 0104, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  4. J Bergin & B L Lipman, 1997. "Evolution with state-dependent Mutations," Levine's Working Paper Archive 771, David K. Levine.
  5. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September.
  6. Kim, Chongmin & Wong, Kam-Chau, 2010. "Long-run equilibria with dominated strategies," Games and Economic Behavior, Elsevier, vol. 68(1), pages 242-254, January.
  7. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, December.
  8. Alos-Ferrer, Carlos & Weidenholzer, Simon, 2007. "Partial bandwagon effects and local interactions," Games and Economic Behavior, Elsevier, vol. 61(2), pages 179-197, November.
  9. Alós-Ferrer, Carlos & Weidenholzer, Simon, 2008. "Contagion and efficiency," Journal of Economic Theory, Elsevier, vol. 143(1), pages 251-274, November.
  10. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  11. Simon Weidenholzer, 2010. "Coordination Games and Local Interactions: A Survey of the Game Theoretic Literature," Games, MDPI, Open Access Journal, vol. 1(4), pages 551-585, November.
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Cited by:
  1. Simon Weidenholzer, 2010. "Coordination Games and Local Interactions: A Survey of the Game Theoretic Literature," Games, MDPI, Open Access Journal, vol. 1(4), pages 551-585, November.

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