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Escape dynamics and equilibria selection by iterative cycle decomposition

Listed author(s):
  • 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/pii/S0304-4068(09)00143-8
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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. Ely Jeffrey C, 2002. "Local Conventions," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 2(1), pages 1-32, May.
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  3. Bergin, James & Lipman, Barton L, 1996. "Evolution with State-Dependent Mutations," Econometrica, Econometric Society, vol. 64(4), pages 943-956, July.
  4. Samuelson Larry, 1994. "Stochastic Stability in Games with Alternative Best Replies," Journal of Economic Theory, Elsevier, vol. 64(1), pages 35-65, October.
  5. Alan Beggs, 2005. "Waiting times and equilibrium selection," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(3), pages 599-628, 04.
  6. Young, H. Peyton, 2006. "Social Dynamics: TheorY AND Applications," Handbook of Computational Economics,in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 22, pages 1081-1108 Elsevier.
  7. 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.
  8. 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.
  9. D. Foster & P. Young, 2010. "Stochastic Evolutionary Game Dynamics," Levine's Working Paper Archive 493, David K. Levine.
  10. Drew Fudenberg & David K. Levine, 2009. "Learning and Equilibrium," Annual Review of Economics, Annual Reviews, vol. 1(1), pages 385-420, 05.
  11. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
  12. Fudenberg, Drew & Imhof, Lorens A., 2006. "Imitation processes with small mutations," Journal of Economic Theory, Elsevier, vol. 131(1), pages 251-262, November.
  13. Noldeke Georg & Samuelson Larry, 1993. "An Evolutionary Analysis of Backward and Forward Induction," Games and Economic Behavior, Elsevier, vol. 5(3), pages 425-454, July.
  14. Goyal, Sanjeev & Vega-Redondo, Fernando, 2005. "Network formation and social coordination," Games and Economic Behavior, Elsevier, vol. 50(2), pages 178-207, February.
  15. Drew Fudenberg & David K. Levine, 1998. "The Theory of Learning in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061945, July.
  16. P. Young, 1999. "The Evolution of Conventions," Levine's Working Paper Archive 485, David K. Levine.
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