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of the standard model which do not respond to changes in supply or demand. Despite incomplete information, equilibrium …
Persistent link: https://www.econbiz.de/10005750729
This paper adds to the growing literature on stochastic evolutionary models. These models can be characterised by small probability shocks or mutations which perturb the system away from its deterministic evolution, allowing it to move between equilibria over a long period of time. Much of the...
Persistent link: https://www.econbiz.de/10005750737
Recent stochastic evolutionary models have shown that the most likely convention when the probability of a mutation is sufficiently small is coordination on the risk-dominant strategy rather than the payoff-dominant one. This paper looks at the consequences of player movement between locations...
Persistent link: https://www.econbiz.de/10005086756
Persistent link: https://www.econbiz.de/10001625855
Persistent link: https://www.econbiz.de/10002201189