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Persistent link: https://www.econbiz.de/10013503197
The model of 2 x 2 coordination games in Kandori, Mailath, and Rob (Econometrica 1993) is extended to allow for a mutation rate that is stochastic over time. The expected time the system spends in the risk dominated equilibrium is systematically underestimated by the standard model in Kandori,...
Persistent link: https://www.econbiz.de/10005407626
The players behave quite differently in the negotiation model under different time preferences than under common time preferences. Conventional analysis in this literature relies on the key presumption that all continuation payoffs are bounded from above by the bargaining frontier resulted from...
Persistent link: https://www.econbiz.de/10005595914
This note gives explicit formulas for the non-expected utility Nash- as well as the Kalai-Smorodinsky bargaining solution.
Persistent link: https://www.econbiz.de/10005550936
We consider a local interaction model with a population on an h dimensional torus, in which in each round of play a random player gets a learning draw. This player plays a k+1 action stage game with players in his neighborhood, compares his own average payoff with the average payoff of the...
Persistent link: https://www.econbiz.de/10005118616