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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | Best-response dynamics in a birth-death model of evolution in games |
Organization Unit | |
Authors |
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Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | International Game Theory Review |
Publisher | World Scientific Publishing |
Geographical Reach | international |
ISSN | 0219-1989 |
Volume | 12 |
Number | 2 |
Page Range | 197 - 204 |
Date | 2010 |
Abstract Text | We consider a model of evolution with mutations as in Kandori et al (1993) [Kandori,M., Mailath, G.J., Rob, R., 1993. Learning, mutation, and long run equilibria in games. Econometrica 61, 29-56], where agents follow best-response decision rules as in Sandholm (1998) [Sandholm, W., 1998. Simple and clever decision rules for a model of evolution. Economics Letters 61, 165-170]. Contrary to those papers, our model gives rise to a birth-death process, which allows explicit computation of the long-run probabilities of equilibria for given values of the mutation rate and the population size. We use this fact to provide a direct proof of the stochastic stability of riskdominant equilibria as the mutation rate tends to zero, and illustrate the outcomes of the dynamics for positive mutation rates. |
Digital Object Identifier | 10.1142/S021919891000260X |
PDF File | Download from ZORA |
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