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This note characterizes the impact of adding rare stochastic mutations to an "imitation dynamic," meaning a process with the properties that any state where all agents use the same strategy is absorbing, and all other states are transient. The work of Freidlin and Wentzell [10] and its...
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size. -- Bounded rationality ; Evolutionary game theory ; Imitation ; Better replies ; Markov chain ; Stochastic stability …
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In this paper we model an evolutionary process with perpetual random shocks, where individuals sample population-specific strategy and payoff realizations and imitate the most successful behavior. For finite n-player games we prove that in the limit, as the perturbations tend to zero, only...
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