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Stochastic replicator dynamics

  • Antonio Cabrales

This article studies the replicator dynamics in the presence of shocks. I show that under these dynamics strategies that do not survive the iterated deletion of strictly dominated strategies are eliminated in the long run, even in the presence of nonvanishing perturbations, I also give an example that shows that the stochastic dynamics in this article have equilibrium selection properties that differ from other dynamics in the literature. Copyright 2000 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 54.

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Date of creation: Dec 1993
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Handle: RePEc:upf:upfgen:54
Contact details of provider: Web page: http://www.econ.upf.edu/

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  1. Samuelson, L. & Zhang, J., 1990. "Evolutionary Stability In Symmetric Games," Working papers 90-24, Wisconsin Madison - Social Systems.
  2. Cabrales, Antonio & Sobel, Joel, 1992. "On the limit points of discrete selection dynamics," Journal of Economic Theory, Elsevier, vol. 57(2), pages 407-419, August.
  3. Fudenberg, D. & Harris, C., 1992. "Evolutionary dynamics with aggregate shocks," Journal of Economic Theory, Elsevier, vol. 57(2), pages 420-441, August.
  4. 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.
  5. Matsui, Akihiko, 1992. "Best response dynamics and socially stable strategies," Journal of Economic Theory, Elsevier, vol. 57(2), pages 343-362, August.
  6. John B Van Huyck & Raymond C Battalio & Richard O Beil, 1997. "Tacit coordination games, strategic uncertainty, and coordination failure," Levine's Working Paper Archive 1225, David K. Levine.
  7. 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.
  8. E. Dekel & S. Scotchmer, 2010. "On the Evolution of Optimizing Behavior," Levine's Working Paper Archive 434, David K. Levine.
  9. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, . "Noise Trader Risk in Financial Markets," J. Bradford De Long's Working Papers _124, University of California at Berkeley, Economics Department.
  10. Farrell, M J, 1970. "Some Elementary Selection Processes in Economics," Review of Economic Studies, Wiley Blackwell, vol. 37(3), pages 305-19, July.
  11. Oriol Amat, 1993. "The relationship between tax regulations and financial accounting: A comparison of Germany, Spain and the United Kingdom," Economics Working Papers 46, Department of Economics and Business, Universitat Pompeu Fabra.
  12. Nachbar, J H, 1990. ""Evolutionary" Selection Dynamics in Games: Convergence and Limit Properties," International Journal of Game Theory, Springer, vol. 19(1), pages 59-89.
  13. repec:att:wimass:9122 is not listed on IDEAS
  14. Van Huyck, John B & Battalio, Raymond C & Beil, Richard O, 1991. "Strategic Uncertainty, Equilibrium Selection, and Coordination Failure in Average Opinion Games," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 885-910, August.
  15. Peyton Young, H. & Foster, Dean, 1991. "Cooperation in the long-run," Games and Economic Behavior, Elsevier, vol. 3(1), pages 145-156, February.
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