A comparison of diffusion approximations and actual limits in birth and death processes of noisy evolution

The stationary distribution of a birth and death process may not be approximated by a diffusion. The general situation is illustrated on the "musical chairs" model by Binmore et al. (1995). <p>This model is shown to generate outcomes which are not captured by the concept of the ultralong run equilibrium selection introduced in Binmore et al. (1995).

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Year of publication:	2000-10-23
Authors:	Kaniovski, Yuri M.
Published in:	Journal of Evolutionary Economics. - Springer. - Vol. 10.2000, 5, p. 545-555
Publisher:	Springer
Subject:	Birth and death process \| Diffusion approximation \| Learning \| Equilibrium selection \| Stationary distribution \| Limit Gibbs potential

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Extent:	application/pdf
Type of publication:	Article
Classification:	C70 - Game Theory and Bargaining Theory. General ; C72 - Noncooperative Games
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005169481