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The Evolution of Focal Points

Author

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  • Ken Binmore

    (Department of Economics, University College London)

  • Larry Samuelson

Abstract

Theories of focal points typically assume that games have inherent labelings or "frames" and then construct models of how players perceive and exploit these frames to identify focal equilibria. This paper asks instead how evolutionary considerations determine which aspects of a frame are likely to be monitored by the players. Efficient monitoring turns out to be an unlikely outcome.

Suggested Citation

  • Ken Binmore & Larry Samuelson, 2002. "The Evolution of Focal Points," Economics Working Papers 0017, Institute for Advanced Study, School of Social Science.
    • Handle: RePEc:ads:wpaper:0017
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    File URL: http://www.sss.ias.edu/publications/papers/econpaper17.pdf
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    Cited by:

    1. Binmore, Ken & Samuelson, Larry & Young, Peyton, 2003. "Equilibrium selection in bargaining models," Games and Economic Behavior, Elsevier, vol. 45(2), pages 296-328, November.
    2. Bonaventura, Luigi & Caserta, Maurizio, 2004. "An adaptive evolutionary behaviour for the demand-led growth adjustment," MPRA Paper 2527, University Library of Munich, Germany.
    3. Jonathan Beck, 2004. "Fixed, Focal, Fair? Book Prices Under Optional Resale Price Maintenance," CIG Working Papers SP II 2004-15, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).

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