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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
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