We define the logit dynamic for games with continuous strategy spaces and establish its fundamental properties, i.e. the existence, uniqueness and continuity of solutions. We apply the dynamic to the analysis of the Burdett and Judd (1983) model of price dispersion. Our objective is to assess...

Population games describe strategic interactions among large numbers of small, anonymous agents. Behavior in these games is typically modeled dynamically, with agents occasionally receiving opportunities to switch strategies, basing their choices on simple myopic rules called revision protocols...