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Equilibrium concepts for social interaction models

Listed author(s):
  • Blume,L.
  • Durlauf,S.

    (University of Wisconsin-Madison, Social Systems Research Institute)

This paper describes the relationship between two different binary choice social interaction models. The Brock and Durlauf (2001) model is essentially a static Nash equilibrium model with random utility preferences. In the Blume (2003) model is a population game model similar to Blume (1993), Kandori, Mailath and Rob (1993) and Young (1993). We show that the equilibria of the Brock–Durlauf model are steady states of a differential equation which is a deterministic approximation of the sample-path behavior of Blume's model. Moreover, the limit distribution of this model clusters around a subset of the steady states when the population is large.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.ssc.wisc.edu/econ/archive/wp2002-7.pdf
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Paper provided by Wisconsin Madison - Social Systems in its series Working papers with number 7.

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Date of creation: 2002
Handle: RePEc:att:wimass:20027
Contact details of provider: Postal:
UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.

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  1. Edward L. Glaeser & Bruce Sacerdote & José A. Scheinkman, 1996. "Crime and Social Interactions," The Quarterly Journal of Economics, Oxford University Press, vol. 111(2), pages 507-548.
  2. Brock, William A. & Durlauf, Steven N., 2001. "Interactions-based models," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 5, chapter 54, pages 3297-3380 Elsevier.
  3. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-1071, September.
  4. repec:hhs:iuiwop:534 is not listed on IDEAS
  5. Binmore Kenneth G. & Samuelson Larry & Vaughan Richard, 1995. "Musical Chairs: Modeling Noisy Evolution," Games and Economic Behavior, Elsevier, vol. 11(1), pages 1-35, October.
  6. Binmore, K. & Samuelson, L. & Vaughan, R., 1993. "Musical Chairs: Modelling Noisy Evolution," Working papers 9324, Wisconsin Madison - Social Systems.
  7. 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.
  8. Blume Lawrence E., 1993. "The Statistical Mechanics of Strategic Interaction," Games and Economic Behavior, Elsevier, vol. 5(3), pages 387-424, July.
  9. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
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