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Waiting times and equilibrium selection

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  • Alan Beggs

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Abstract

This paper shows how graphs can be used to calculate waiting times in models of equilibrium selection. It also shows how reducing the state space can simplify the calculations of both waiting times and selected equilibria. The results are applied to potential games and games with strategic complementarities. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • 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, April.
  • Handle: RePEc:spr:joecth:v:25:y:2005:i:3:p:599-628
    DOI: 10.1007/s00199-003-0444-6
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    File URL: http://hdl.handle.net/10.1007/s00199-003-0444-6
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    Cited by:

    1. Marden, Jason R. & Shamma, Jeff S., 2012. "Revisiting log-linear learning: Asynchrony, completeness and payoff-based implementation," Games and Economic Behavior, Elsevier, vol. 75(2), pages 788-808.
    2. Beggs, A.W., 2007. "Large deviations and equilibrium selection in large populations," Journal of Economic Theory, Elsevier, vol. 132(1), pages 383-410, January.
    3. Alós-Ferrer, Carlos & Netzer, Nick, 2010. "The logit-response dynamics," Games and Economic Behavior, Elsevier, vol. 68(2), pages 413-427, March.
    4. Newton, Jonathan, 2015. "Stochastic stability on general state spaces," Journal of Mathematical Economics, Elsevier, vol. 58(C), pages 46-60.
    5. Mathias Staudigl, 2010. "On a General class of stochastic co-evolutionary dynamics," Vienna Economics Papers 1001, University of Vienna, Department of Economics.
    6. repec:syd:wpaper:2123/9993 is not listed on IDEAS
    7. Hwang, Sung-Ha & Lim, Wooyoung & Neary, Philip & Newton, Jonathan, 2016. "Conventional Contracts, Intentional behavior and Logit Choice: Equality Without Symmetry," Working Papers 2016-13, University of Sydney, School of Economics.
    8. Carlos Alós-Ferrer & Nick Netzer, 2015. "Robust stochastic stability," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 58(1), pages 31-57, January.
    9. Katsuhiko Aiba, 2015. "Waiting times in evolutionary dynamics with time-decreasing noise," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(2), pages 499-514, May.
    10. Cui, Zhiwei & Zhai, Jian, 2010. "Escape dynamics and equilibria selection by iterative cycle decomposition," Journal of Mathematical Economics, Elsevier, vol. 46(6), pages 1015-1029, November.

    More about this item

    Keywords

    Waiting times; Equilibrium selection; Graphs.;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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