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Stochastic Replicator Dynamics

  • Cabrales, Antonio

This article studies the replicator dynamics in the presence of shocks. I show that under these dynamics strategies that do not survive the iterated deletion of strictly dominated strategies are eliminated in the long run, even in the presence of nonvanishing perturbations, I also give an example that shows that the stochastic dynamics in this article have equilibrium selection properties that differ from other dynamics in the literature. Copyright 2000 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 41 (2000)
Issue (Month): 2 (May)
Pages: 451-81

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Handle: RePEc:ier:iecrev:v:41:y:2000:i:2:p:451-81
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  1. Samuelson, L. & Zhang, J., 1991. "Evolutionary Stability in Asymmetric Games," Papers 9132, Tilburg - Center for Economic Research.
  2. Samuelson, L., 1991. "How to Tremble if you Must," Working papers 9122, Wisconsin Madison - Social Systems.
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  6. Cabrales, Antonio & Sobel, Joel, 1992. "On the limit points of discrete selection dynamics," Journal of Economic Theory, Elsevier, vol. 57(2), pages 407-419, August.
  7. Farrell, M J, 1970. "Some Elementary Selection Processes in Economics," Review of Economic Studies, Wiley Blackwell, vol. 37(3), pages 305-19, July.
  8. 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.
  9. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, . "Noise Trader Risk in Financial Markets," J. Bradford De Long's Working Papers _124, University of California at Berkeley, Economics Department.
  10. Fudenberg, Drew & Harris, Christopher, 1992. "Evolutionary Dynamics with Aggregate Shocks," IDEI Working Papers 13, Institut d'Économie Industrielle (IDEI), Toulouse.
  11. J. B. Van Huyck & R. C. Battalio & R. O. Beil, 2010. "Tacit coordination games, strategic uncertainty, and coordination failure," Levine's Working Paper Archive 661465000000000393, David K. Levine.
  12. Van Huyck, John B & Battalio, Raymond C & Beil, Richard O, 1991. "Strategic Uncertainty, Equilibrium Selection, and Coordination Failure in Average Opinion Games," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 885-910, August.
  13. Matsui, Akihiko, 1992. "Best response dynamics and socially stable strategies," Journal of Economic Theory, Elsevier, vol. 57(2), pages 343-362, August.
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  15. Oriol Amat, 1993. "The relationship between tax regulations and financial accounting: A comparison of Germany, Spain and the United Kingdom," Economics Working Papers 46, Department of Economics and Business, Universitat Pompeu Fabra.
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