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We examine an evolutionary model in which the primary source of "noise" that moves the model between equilibria is not random, arbitrarily improbable mutations but mistakes in learning. We find conditions under which the payoff-dominant equilibrium in a 2x2 game is selected by the model as well...
Persistent link: https://www.econbiz.de/10005550909
We examine an evolutionary model with "local interactions," so that some agents may be more likely to interact than others. We show that equilibrium strategy choices with given local interactions correspond to correlated equilibria of the underlying game, suggesting an new interpretation for...
Persistent link: https://www.econbiz.de/10005407562
We formulate a dynamic learning-and-adjustment model of a market in which sellers choose signals that potentitally reveal their types. If the dynamic process selects a unique limiting outcome, then that outcome must be an undefeated equilibrium; though to be undefeated does not suffice to be the...
Persistent link: https://www.econbiz.de/10005118572
We examine an evolutionary model in which the primary source of "noise" that moves the model between equilibria is not random, arbitrarily improbable mutations but mistakes in learning. We find conditions under which the payoff-dominant equilibrium in a 2 x 2 game is selected by the model as...
Persistent link: https://www.econbiz.de/10005118619