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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
The concept of boundedly rational agents in evolutionary game theory has succeeded in producing clear results when traditional methodology was failing. However the majority of such papers have obtained their results when this bounded rationality itself vanishes. This paper considers whether such...
Persistent link: https://www.econbiz.de/10005147118
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