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Evolutive Equilibrium Selection I: Symmetric Two Player Binarychoice Games

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  • 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. Fudenberg, D. & Harris, C., 1992. "Evolutionary dynamics with aggregate shocks," Journal of Economic Theory, Elsevier, vol. 57(2), pages 420-441, August.
    2. 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, September.
    3. Van Damme, E., 1991. "Equilibrium Selection in 2 x 2 Games," Papers 9108, Tilburg - Center for Economic Research.
    4. Carlsson, Hans & van Damme, Eric, 1993. "Global Games and Equilibrium Selection," Econometrica, Econometric Society, vol. 61(5), pages 989-1018, September.
    5. Bergin, James & Lipman, Barton L, 1996. "Evolution with State-Dependent Mutations," Econometrica, Econometric Society, vol. 64(4), pages 943-956, July.
    6. 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.
    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. Binmore, K. & Samuelson, L., 1994. "Muddling Through: Noisy Equilibrium selection," Working papers 9410, Wisconsin Madison - Social Systems.
    9. D. Foster & P. Young, 2010. "Stochastic Evolutionary Game Dynamics," Levine's Working Paper Archive 493, David K. Levine.
    10. Blume, Lawrence E., 2003. "How noise matters," Games and Economic Behavior, Elsevier, vol. 44(2), pages 251-271, August.
    11. Cabrales, Antonio, 2000. "Stochastic Replicator Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(2), pages 451-481, May.
    12. Binmore, K. & Samuelson, L. & Vaughan, R., 1993. "Musical Chairs: Modelling Noisy Evolution," Working papers 9324, Wisconsin Madison - Social Systems.
    13. Carlsson, H. & Van Dame, E., 1991. "Equilibrium Selection in Stag Hunt Games," Papers 9170, Tilburg - Center for Economic Research.
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