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Imitation, local interaction, and efficiency: reappraisal

Author

Listed:
  • Hsiao-Chi Chen

    () (National Taipei University)

  • Yunshyong Chow

    () (Institute of Mathematics, Academia Sinica)

  • Li-Chau Wu

    () (Department of Mathematics, National Taitung University)

Abstract

We revisit the model of Alos-Ferrer and Weidenholzer (2006) but under the assumption that risk-dominant equilibria are Pareto efficient. It is found that risk-dominant equilibria, non-risk-dominant equilibria, and some non-monomorphic states can emerge in the long run when players interact with their immediate neighbors only.

Suggested Citation

  • Hsiao-Chi Chen & Yunshyong Chow & Li-Chau Wu, 2012. "Imitation, local interaction, and efficiency: reappraisal," Economics Bulletin, AccessEcon, vol. 32(1), pages 675-684.
  • Handle: RePEc:ebl:ecbull:eb-11-00835
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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I1-P62.pdf
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    Cited by:

    1. Alós-Ferrer, Carlos & Weidenholzer, Simon, 2014. "Imitation and the role of information in overcoming coordination failures," Games and Economic Behavior, Elsevier, vol. 87(C), pages 397-411.
    2. Hsiao-Chi Chen & Shi-Miin Liu, 2017. "An Evolutionary Approach to International Environmental Agreements with Full Participation," RIEEM Discussion Paper Series 1702, Research Institute for Environmental Economics and Management, Waseda University.

    More about this item

    Keywords

    Coordination game; imitation; local interaction;

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D0 - Microeconomics - - General

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