A comparison of diffusion approximations and actual limits in birth and death processes of noisy evolution

Yuri (Yuriy) Kaniovski (Kaniovskyi) ()

Journal of Evolutionary Economics, 2000, vol. 10, issue 5, 545-555

Abstract: 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). This model is shown to generate outcomes which are not captured by the concept of the ultralong run equilibrium selection introduced in Binmore et al. (1995).

Keywords: Birth; and; death; process; -; Diffusion; approximation; -; Learning; -; Equilibrium; selection; -; Stationary; distribution; -; Limit; Gibbs; potential (search for similar items in EconPapers)
JEL-codes: C70 C72 (search for similar items in EconPapers)
Date: 2000-10-23
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