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Replicator Dynamic Learning in Muth's Model of Price Movements

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Author Info

  • Joel Carton

    (Department of Economics, Florida International University)

  • Eran A. Guse

    (Department of Economics, West Virginia University)

Abstract

We investigate the stability properties of Muth's model of price movements when agents choose a production level using replicator dynamic learning. It turns out that when there is a discrete set of possible production levels, possible stable states and stability conditions differ between adaptive learning and replicator dynamic learning. Furthermore, we show that the stability disparities between the two types of learning are due to the way asymptotic stability is defined under the replicator dynamics.

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File URL: http://www.be.wvu.edu/div/econ//work/pdf_files/10-18.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Department of Economics, West Virginia University in its series Working Papers with number 10-18.

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Length: 25 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:wvu:wpaper:10-18

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Postal: P.O. Box 6025, Morgantown, WV 26506-6025
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Web page: http://www.be.wvu.edu/div/econ/
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Related research

Keywords: Asymptotic stability; replicator dynamics; cobweb model; E-stability; Nash equilibria.;

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Cited by:
  1. Michele Berardi, 2011. "Strategic interactions, incomplete information and learning," Centre for Growth and Business Cycle Research Discussion Paper Series 157, Economics, The Univeristy of Manchester.

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