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Basins of Attraction, Long Run Equilibria, and the Speed of Step-by- Step Evolution

Author

Listed:
  • Ellison, G.

Abstract

The paper provides a general analysis of the types of models with E-Perturbations which have been used recently to discuss the evolution of social conventions. Two new measures of the size and structure of the basins of attraction of dynamic systems, the radius and coradius, are introduced in order to bound the speed with which evolution occurs. The main theorem uses these measures to provide a characterization useful for determining long run equilibria and rates of convergence.

Suggested Citation

  • Ellison, G., 1996. "Basins of Attraction, Long Run Equilibria, and the Speed of Step-by- Step Evolution," Working papers 96-4, Massachusetts Institute of Technology (MIT), Department of Economics.
    • Handle: RePEc:mit:worpap:96-4
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    Citations

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    Cited by:

    1. Jackson, Matthew O. & Watts, Alison, 2002. "On the formation of interaction networks in social coordination games," Games and Economic Behavior, Elsevier, vol. 41(2), pages 265-291, November.
    2. Carlos Alós-Ferrer & Georg Kirchsteiger & Markus Walzl, 2010. "On the Evolution of Market Institutions: The Platform Design Paradox," Economic Journal, Royal Economic Society, vol. 120(543), pages 215-243, March.
    3. Valentina Corradi & Antonella Ianni, "undated". "Ergodicity and Clustering in Opinion Formation," Penn CARESS Working Papers 4e07391e101139fde2f8e70d4, Penn Economics Department.
    4. Flavio M. Menezes & Paulo K. Monteiro & Akram Temimi, 1998. "Equilibrium Selection and the Rate of Convergence in Coordination Games with Simultaneous Play," Discussion Papers 98-14, University of Copenhagen. Department of Economics.
    5. Alexander F. Tieman & Harold Houba & Gerard van der Laan, 1998. "Cooperation in a Multi-Dimensional Local Interaction Model," Game Theory and Information 9803002, University Library of Munich, Germany.
    6. Tone Dieckmann, 1997. "The Evolution of conventions with Mobile Players," Economics Department Working Paper Series n720897, Department of Economics, National University of Ireland - Maynooth.
    7. Kevin Hasker, 2005. "Note: Using the Emergent Seed to Completely Characterize 'Evolution and Information in a Gift Giving Game'," Levine's Working Paper Archive 784828000000000142, David K. Levine.

    More about this item

    Keywords

    GAMES; GAME THEORY; MATHEMATICS; ECONOMETRICS;
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

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