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Evolutive Equilibrium Selection I: Symmetric Two Player Binarychoice Games

  • Richard Vaughan
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    The aim of the paper is the construction of a distributional model which enables the study of the evolutionary dynamics that arise for symmetric games, and the equilibrium selection mechanisms that originate from such processes. The evolution of probability distributions over the state variables is studied using the Fokker- Planck dif-fusion equation. Equilibrium selection using the "basin of attraction" approach, and a selection process suggested by Pontryagin are contrasted. Examples are provided for all generic 2-person symmetric binary choice games.

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    Paper provided by ESRC Centre on Economics Learning and Social Evolution in its series ELSE working papers with number 016.

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    Handle: RePEc:els:esrcls:016
    Contact details of provider: Web page: http://else.econ.ucl.ac.uk/
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    1. BERGIN, James & LIPMAN, Bart, 1994. "Evolution with State-Dependent Mutations," CORE Discussion Papers 1994055, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Carlsson, H. & Van Dame, E., 1991. "Equilibrium Selection in Stag Hunt Games," Papers 9170, Tilburg - Center for Economic Research.
    3. Antonio Cabrales, 1993. "Stochastic replicator dynamics," Economics Working Papers 54, Department of Economics and Business, Universitat Pompeu Fabra.
    4. Carlsson, Hans & van Damme, Eric, 1993. "Global Games and Equilibrium Selection," Econometrica, Econometric Society, vol. 61(5), pages 989-1018, September.
    5. Kandori, M. & Mailath, G.J., 1991. "Learning, Mutation, And Long Run Equilibria In Games," Papers 71, Princeton, Woodrow Wilson School - John M. Olin Program.
    6. Ken Binmore & Larry Samuelson, 1994. "Muddling Through: Noisy Equilibrium Selection," Game Theory and Information 9410002, EconWPA.
    7. Blume, Lawrence E., 2003. "How noise matters," Games and Economic Behavior, Elsevier, vol. 44(2), pages 251-271, August.
    8. D. Foster & P. Young, 2010. "Stochastic Evolutionary Game Dynamics," Levine's Working Paper Archive 493, David K. Levine.
    9. Fudenberg, Drew & Harris, Christopher, 1992. "Evolutionary Dynamics with Aggregate Shocks," IDEI Working Papers 13, Institut d'Économie Industrielle (IDEI), Toulouse.
    10. van Damme, E.E.C., 1991. "Equilibrium selection in 2 x 2 games," Other publications TiSEM 1c09a228-43e3-48ec-ad9c-0, Tilburg University, School of Economics and Management.
    11. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, June.
    12. repec:ner:tilbur:urn:nbn:nl:ui:12-154416 is not listed on IDEAS
    13. 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.
    14. repec:att:wimass:9324 is not listed on IDEAS
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