The stationary distribution of a birth and death process may not be approximated by a diffusion. The general situation is illustrated on the "musical chairs" model by Binmore et al. (1995). <p>This model is shown to generate outcomes which are not captured by the concept of the ultralong run...</p>

This paper presents an evolutionary interpretation of Barro-Gordon’s monetary policy game. The model describes a multi-country setup where governments and private agents are boundedly rational players. The behavioral rule of players’ decisions leads to the imitation of the strategy giving...

We build an evolutionary model of currency crises incorporating learning through imitation and experimentation by heterogeneous agents. Foreign currency speculators in the model interact and learn over time through experimentation. Drawing on results from game theory, we show that the resulting...

We present here an evolutionary game model, and address the issue of equilibrium selection working with the scale function of a diffusion process describing the dynamics of population processes with mutation modeled as white noise. This model is the same as the one in Foster and Young (1990) but...