Large deviations and equilibrium selection in large populations
This paper uses the theory of large deviations to analyse equilibrium selection in one-dimensional games with large populations where the system evolves according to a jump Markov process. The equilibria selected maximise a quasi-potential function which can be determined by solving a polynomial equation. Estimates of waiting times are also given. It shows that equilibria about which there is more noise are less likely to be selected and clarifies the role of the limiting deterministic dynamic in selection.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- P. Diamond, 1980.
"Aggregate Demand Management in Search Equilibrium,"
268, Massachusetts Institute of Technology (MIT), Department of Economics.
- Bergin, James & Lipman, Barton L, 1996.
"Evolution with State-Dependent Mutations,"
Econometric Society, vol. 64(4), pages 943-56, July.
- James Bergin & B. L. Lipman, 1994. "Evolution with state-dependent mutations," Working Papers 199411, School of Economics, University College Dublin.
- BERGIN, James & LIPMAN, Bart, 1994. "Evolution with State-Dependent Mutations," CORE Discussion Papers 1994055, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- J Bergin & B L Lipman, 1997. "Evolution with state-dependent Mutations," Levine's Working Paper Archive 771, David K. Levine.
- J. Bergin & B. Lipman, 2010. "Evolution with State-Dependent Mutations," Levine's Working Paper Archive 486, David K. Levine.
- P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
- Fudenberg, Drew & Harris, Christopher, 1992.
"Evolutionary Dynamics with Aggregate Shocks,"
IDEI Working Papers
13, Institut d'Économie Industrielle (IDEI), Toulouse.
- Michel BenaÔm & J–rgen W. Weibull, 2003.
"Deterministic Approximation of Stochastic Evolution in Games,"
Econometric Society, vol. 71(3), pages 873-903, 05.
- Benaim, Michel & Weibull, Jörgen W., 2000. "Deterministic Approximation of Stochastic Evolution in Games," Working Paper Series 534, Research Institute of Industrial Economics, revised 30 Oct 2001.
- Drew Fudenberg & David Kreps, 2010.
"Learning Mixed Equilibria,"
Levine's Working Paper Archive
415, David K. Levine.
- Beggs, A., 2000.
"Stochastic Evolution with Slow Learning,"
Economics Series Working Papers
9933, University of Oxford, Department of Economics.
- K. Binmore & L. Samuelson & K. Vaughn, 2010. "Musical Chairs: Modelling Noisy Evolution," Levine's Working Paper Archive 487, David K. Levine.
- D. Foster & P. Young, 2010. "Stochastic Evolutionary Game Dynamics," Levine's Working Paper Archive 493, David K. Levine.
- Alan Beggs, 2005.
"Waiting times and equilibrium selection,"
Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(3), pages 599-628, 04.
- Glenn Ellison, 2000. "Basins of Attraction, Long-Run Stochastic Stability, and the Speed of Step-by-Step Evolution," Review of Economic Studies, Oxford University Press, vol. 67(1), pages 17-45.
- F. Biesmans, 1977. "A Survey," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 48(1), pages 5-36, 01.
- Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
- Binmore, Ken & Samuelson, Larry, 1997. "Muddling Through: Noisy Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 74(2), pages 235-265, June.
When requesting a correction, please mention this item's handle: RePEc:eee:jetheo:v:132:y:2007:i:1:p:383-410. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shamier, Wendy)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.