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On the Relationship between Risk-Dominance and Stochastic Stability

  • Maruta, Toshimasa

In a 2 x2 symmetric game with two symmetric equilibria in pure strategies, one risk-dominates another if and only if the equilibrium strategy is a unique best response to any mixture that gives it at least a probability of one half. In a n x n symmetric game, we call a strategy globally risk-dominant if it is a unique best response to any mixture that gives it at least a probability of one half. We show that if a finite coordination game has a globally risk-dominant equilibrium then this is the one that is selected by the stochastic equilibrium selection processes proposed by Young and by Kandori, Mailath, and Rob.

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File URL: http://www.sciencedirect.com/science/article/B6WFW-45M8X0Y-S/2/0adb70c67ae153bfc6eeb98980e45aa4
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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 19 (1997)
Issue (Month): 2 (May)
Pages: 221-234

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Handle: RePEc:eee:gamebe:v:19:y:1997:i:2:p:221-234
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. repec:att:wimass:9410 is not listed on IDEAS
  2. 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.
  3. 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, June.
  4. Carlsson, Hans & van Damme, Eric, 1993. "Global Games and Equilibrium Selection," Econometrica, Econometric Society, vol. 61(5), pages 989-1018, September.
  5. Binmore, K. & samuelson, L., 1996. "Muddling Through : Noisy Equilibrium Section," Working papers 9410r, Wisconsin Madison - Social Systems.
  6. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  7. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September.
  8. Morris, Stephen & Rob, Rafael & Shin, Hyun Song, 1995. "Dominance and Belief Potential," Econometrica, Econometric Society, vol. 63(1), pages 145-57, January.
  9. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January.
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