This paper studies the effect of randomness in per-period matching on the long-run outcome of non-equilibrium adaptive processes. If there are many matchings between each strategy revision, the randomness due to matching will be small; our question is when a very small noise due to matching has...

This note characterizes the impact of adding rare stochastic mutations to an “imitation dynamic,†meaning a process with the properties that absent strategies remain absent, and non-homogeneous states are transient. The resulting system will spend almost all of its time at the...

The repeated Prisoner's Dilemma is usually known as a story of tit-for-tat (TFT). This remarkable strategy has won both of Robert Axelrod's tournaments. TFT does whatever the opponent has done in the previous round. It will cooperate if the opponent has cooperated, and it will defect if the...