Showing 1 - 9 of 9
We model the interplay between a government's performance, its expected lifetime, and the confidence it enjoys. Here, "confidence" can be broadly interpreted as the government's popularity, the size of its parliamentary majority, its reserve of talent, or other factors. Confidence evolves in...
Persistent link: https://www.econbiz.de/10008483764
Equilibrium selection in coordination games has generated a large literature. Kandori, Mailath and Rob (1993) and Young (1993) studied dynamic models of aggregate behaviour in which agents choose best responses to observations of population play. Crucially, infrequent mistakes (`mutations`)...
Persistent link: https://www.econbiz.de/10010605025
threshold is reached, potentially generating an equilibrium-selection problem. When the evolution of play approximates a best …
Persistent link: https://www.econbiz.de/10005090646
evolution of collective action: as part of a strategy-revision process, updating players choose quantal responses to existing …
Persistent link: https://www.econbiz.de/10005090676
This paper demonstrates that inertia driven by switching costs leads to more rapid evolution in a class of games that … inertia states that allow Ellison`s (Review of Economic Studies 67, 2000, 17-45) step-by-step evolution to occur. …
Persistent link: https://www.econbiz.de/10005047778
The volunteer`s dilemma is an asymmetric n-player binary-action game in which a public good is provided if and only if at least one player volunteers, and consequently bears some private cost. So long as the value generated for every player exceeds this private cost there are n pure-strategy...
Persistent link: https://www.econbiz.de/10005047810
This paper models the indirect evolution of the preferences of a population of fully rational agents repeatedly matched … requires the extension of recent techniques for evolution on infinite strategy spaces, introducing new setwise stability …
Persistent link: https://www.econbiz.de/10005047850
This paper studies n-player collective-action games in which a public good is produced if and only if m or more volunteers contribute to it. Quantal-response strategy revisions allow play to move between equilibria in which a team of m players successfully provide, and an equilibrium in which...
Persistent link: https://www.econbiz.de/10005047986
Team formation will often involve a coordination problem. If no-one else is contributing to a team, there is little point in an agent exerting any effort. Similarly, once a team is formed, an agent within the team will not leave, as to do so would result in team collapse; non-contributing agents...
Persistent link: https://www.econbiz.de/10005051161