Name
Abstract | ||
|---|---|---|
This note characterizes the impact of adding rare stochastic mutations to an “imitation dynamic,” meaning a process with the properties that absent strategies remain absent, and non-homogeneous states are transient. The resulting system will spend almost all of its time at the absorbing states of the no-mutation process. The work of Freidlin and Wentzell [Random Perturbations of Dynamical Systems, Springer, New York, 1984] and its extensions provide a general algorithm for calculating the limit distribution, but this algorithm can be complicated to apply. This note provides a simpler and more intuitive algorithm. Loosely speaking, in a process with K strategies, it is sufficient to find the invariant distribution of a K×K Markov matrix on the K homogeneous states, where the probability of a transit from “all play i” to “all play j” is the probability of a transition from the state “all agents but 1 play i, 1 plays j” to the state “all play j”. |
Year | DOI | Venue |
|---|---|---|
2006 | 10.1016/j.jet.2005.04.006 | Journal of Economic Theory |
Keywords | DocType | Volume |
C62,C72,C73 | Journal | 131 |
Issue | ISSN | Citations |
1 | 0022-0531 | 17 |
PageRank | References | Authors |
3.57 | 1 | 2 |
Name | Order | Citations | PageRank |
|---|---|---|---|
| Drew Fudenberg | 1 | 175 | 44.93 |
| Lorens A. Imhof | 2 | 22 | 5.69 |