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Escape dynamics and equilibria selection by iterative cycle decomposition

  • Cui, Zhiwei
  • Zhai, Jian

This paper explores the medium-run behaviour of bounded rational players in repeatedly played games when they occasionally experiment or make mistakes. The formal analysis introduces a hierarchical structure of limit sets to characterize the most possible medium-run behaviour over gradually increased time intervals. The paper refines the notion of stochastic stability and offers a precise measure of the speed at which stochastically stable equilibria occur. Finally, the paper applies the results to a 3x3 symmetric game of Young (1993).

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File URL: http://www.sciencedirect.com/science/article/B6VBY-4XVC4VJ-2/2/941620bc050589650e8bb2bd331e1ebc
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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 46 (2010)
Issue (Month): 6 (November)
Pages: 1015-1029

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Handle: RePEc:eee:mateco:v:46:y:2010:i:6:p:1015-1029
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September.
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  14. Jeffrey C. Ely, 2002. "Local Conventions," Discussion Papers 1349, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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