We provide an overview of the methods of analysis and results obtained, and, most important, an assessment of the success of rational learning dynamics in tying down limit beliefs and limit behavior. We illustrate the features common to rational or Bayesian learning in single agent, game...

Population games are stochastic processes which explicitly model Nash's (1950) mass action interpretation of Nash equilibrium. The mass action interpretation envisions a population of players for each position in the game, and that players are randomly matched for play. The hope is that the...

I continue the study, begun in Blume (1993), of stochastic strategy revision processes in large player populations where the range of interaction between players is small. Each player interacts directly with only a finite set of neighbors, but any two players indirectly interact through a finite...

Evolutionary arguments are often used to justify the fundamental behavioral postulates of competive equilibrium. Economists such as Milton Friedman have argued that natural selection favors profit maximizing firms over firms engaging in other behaviors. Consequently, producer efficiency, and...

In this paper we extend the model of Easley and O'Hara (1992) to allow the arrival rates of informed and uninformed trades to be time-varying and forecastable. We specify a generalized autoregressive bivariate process for the arrival rates of informed and uninformed trades and estimate the model...