Learning, Mutation, and Long Run Equilibria in Games
George Mailath () and
Authors registered in the RePEc Author Service: Rafael Robb
Econometrica, 1993, vol. 61, issue 1, pages 29-56
An evolutionary model with a finite number of players and with stochastic mutations is analyzed. The expansion and contraction of strategies is linked to their current relative success, but mutuation, perturbing the system from its deterministic evolution, are present as well. The focus is on the long run implications of ongoing mutations, which drastically reduce the set of equilibria. For 2 by 2 symmetric games with two symmetric strict Nash equilibria the risk dominant equilibrium is selected. In particular, if both strategies have equal security levels, the Pareto dominant Nash equilibrium is selected. In particular, if both strategies have equal security levels, the Pareto dominant Nash equilibrium is selected, even though there is another strict Nash equilibrium. Copyright 1993 by The Econometric Society.
References: Add references at CitEc
Citations View citations in EconPapers (529) Track citations by RSS feed
Downloads: (external link)
http://links.jstor.org/sici?sici=0012-9682%2819930 ... O%3B2-F&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
Working Paper: Learning, Mutation and Long Run Equilibria in Games (1999)
Working Paper: Learning, Mutation, And Long Run Equilibria In Games (1991)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:ecm:emetrp:v:61:y:1993:i:1:p:29-56
Ordering information: This journal article can be ordered from
https://www.economet ... ordering-back-issues
Access Statistics for this article
Econometrica is currently edited by Daron Acemoglu
More articles in Econometrica from Econometric Society
Contact information at EDIRC.
Series data maintained by Wiley-Blackwell Digital Licensing ().