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Stochastic stability on general state spaces

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  • Newton, Jonathan

Abstract

This paper studies stochastic stability methods applied to processes on general state spaces. This includes settings in which agents repeatedly interact and choose from an uncountable set of strategies. Dynamics exist for which the stochastically stable states differ from those of any reasonable finite discretization. When there are a finite number of rest points of the unperturbed dynamic, sufficient conditions for analogues of results from the finite state space literature are derived and studied. Illustrative examples are given.

Suggested Citation

  • Newton, Jonathan, 2012. "Stochastic stability on general state spaces," Working Papers 2012-16, University of Sydney, School of Economics, revised Jul 2014.
    • Handle: RePEc:syd:wpaper:2123/8898
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    File URL: http://www.econ-wpseries.com/2012/201216-2.pdf
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    2. Sawa, Ryoji, 2021. "A prospect theory Nash bargaining solution and its stochastic stability," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 692-711.
    3. Jonathan Newton, 2018. "Evolutionary Game Theory: A Renaissance," Games, MDPI, vol. 9(2), pages 1-67, May.
    4. Klaus, Bettina & Newton, Jonathan, 2016. "Stochastic stability in assignment problems," Journal of Mathematical Economics, Elsevier, vol. 62(C), pages 62-74.

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