Dynamics in stochastic evolutionary models

We characterize transitions between stochastically stable states and relative ergodic probabilities in the theory of the evolution of conventions. We give an application to the fall of hegemonies in the evolutionary theory of institutions and conflict and illustrate the theory with the fall of the Qing Dynasty and rise of Communism in China.

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Year of publication:	2014-12-17
Authors:	Levine, David Knudsen ; Modica, Salvatore
Published in:	Theoretical Economics. - Econometric Society, ISSN 1555-7561. - 2014
Publisher:	Econometric Society
Subject:	Evolution \| conventions \| markov chains \| state power

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Extent:	application/pdf
Type of publication:	Article
Classification:	C73 - Stochastic and Dynamic Games
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011099857