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Stochastic imitative game dynamics with committed agents

  • Sandholm, William H.
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    We consider models of stochastic evolution in two-strategy games in which agents employ imitative decision rules. We introduce committed agents: for each strategy, we suppose that there is at least one agent who plays that strategy without fail. We show that unlike the standard imitative model, the model with committed agents generates unambiguous infinite horizon predictions: the asymptotics of the stationary distribution do not depend on the order in which the mutation rate and population size are taken to their limits.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0022053112000725
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    Article provided by Elsevier in its journal Journal of Economic Theory.

    Volume (Year): 147 (2012)
    Issue (Month): 5 ()
    Pages: 2056-2071

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    Handle: RePEc:eee:jetheo:v:147:y:2012:i:5:p:2056-2071
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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    1. Monderer, Dov & Shapley, Lloyd S., 1996. "Potential Games," Games and Economic Behavior, Elsevier, vol. 14(1), pages 124-143, May.
    2. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
    3. Fudenberg, Drew & Imhof, Lorens, 2006. "Imitation Processes with Small Mutations," Scholarly Articles 3190369, Harvard University Department of Economics.
    4. Binmore Kenneth G. & Samuelson Larry & Vaughan Richard, 1995. "Musical Chairs: Modeling Noisy Evolution," Games and Economic Behavior, Elsevier, vol. 11(1), pages 1-35, October.
    5. Sandholm, William H., 2001. "Potential Games with Continuous Player Sets," Journal of Economic Theory, Elsevier, vol. 97(1), pages 81-108, March.
    6. Binmore, Ken & Samuelson, Larry, 1997. "Muddling Through: Noisy Equilibrium Selection," Journal of Economic Theory, Elsevier, vol. 74(2), pages 235-265, June.
    7. Blume, Lawrence E., 2003. "How noise matters," Games and Economic Behavior, Elsevier, vol. 44(2), pages 251-271, August.
    8. Kandori, M. & Mailath, G.J., 1991. "Learning, Mutation, And Long Run Equilibria In Games," Papers 71, Princeton, Woodrow Wilson School - John M. Olin Program.
    9. Sandholm, William H., 2010. "Orders of limits for stationary distributions, stochastic dominance, and stochastic stability," Theoretical Economics, Econometric Society, vol. 5(1), January.
    10. Imhof, Lorens & Fudenberg, Drew, 2008. "Monotone Imitation Dynamics in Large Populations," Scholarly Articles 3196338, Harvard University Department of Economics.
    11. Michel BenaÔm & J–rgen W. Weibull, 2003. "Deterministic Approximation of Stochastic Evolution in Games," Econometrica, Econometric Society, vol. 71(3), pages 873-903, 05.
    12. Sandholm, William H., 2007. "Simple formulas for stationary distributions and stochastically stable states," Games and Economic Behavior, Elsevier, vol. 59(1), pages 154-162, April.
    13. Nowak, Martin & Sasaki, Akira & Fudenberg, Drew & Taylor, Christine, 2004. "Emergence of Cooperation and Evolutionary Stability in Finite Populations," Scholarly Articles 3196331, Harvard University Department of Economics.
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